WASHINGTON (dpa-AFX) - Crude oil prices climbed higher on Monday, riding on prospects of lower supplies in Canada, and several other parts of the globe.
A weak dollar contributed as well to oil's uptick. The dollar index eased to 102.38, losing about 0.3%.
However, concerns about the outlook for demand amid fears of a potential recession in the U.S. limited oil's upside a bit.
West Texas Intermediate Crude oil futures for June ended higher by $1.07 or about 1.5% at $71.11 a barrel, gaining after three successive days of losses.
Brent crude futures settled at $75.23 a barrel, up $1.06 or about 1.4%.
According to reports, wildfires in Alberta, Canada, has resulted in the shutting down of large quantity of crude supply.
Reports say that close to 300,000 barrels of oil equivalent per day production was shut last week in Alberta.
Oil's uptick was also due to speculation that OPEC and allies will plan additional output cuts during the second half of the current year.
A report from the European Commission that Eurozone economic growth will be faster than previous forecast for this year and next contributed a bit to the rise in oil prices.
Edward Moya, Senior Market Analyst at OANDA says the dollar rally has taken a break and that should provide some relief for crude prices. 'Oil prices could remain heavy if the economy shows further signs that growth is plunging,' he adds.
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