May 2016, Vol. 243, No. 5

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As Oil Markets Tighten, Geopolitical Events Matter Again

Oil prices jumped on Thursday as surprise outages came from Canada and Libya, reversing several days of losses. WTI and Brent surged by more than 4 percent in early trading on May 5. The hellish wildfires sweeping swathes of Alberta near Fort McMurray forced the evacuation of tens of thousands of people. Alberta’s boreal forests are suffering through a bout of unusually warm and dry weather, and the tinderbox ignited and is quickly spreading. Wildfire officials in Alberta say that the fire could continue to grow, probably to about 100 square kilometers, and last at least until the weekend. The fires forced several oil sands companies to ratchet down operations as employees and their famili

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