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Oil rises as supply outages eclipse concern over global inventories

Oil rose on Tuesday, driven by supply disruptions in Canada and elsewhere that have knocked out 2.5 million barrels of daily production and temporarily eclipsed concern over high global inventories and a looming surplus of refined products.

In spite of outages from Canada to Nigeria, oil prices are down by more than 2 percent so far this week, hampered by worries that even hefty dents to production will have little effect on the growth of stocks of unwanted crude.

Brent crude futures were up 62 cents on the day at $44.25 per barrel by 8:23 a.m. ET (1223 GMT), while U.S. crude futures were up 18 cents at $43.62 per barrel, having recovered from a brief dip.

Canadian officials got their first glimpse of the oil sands town of Fort McMurray since a wildfire erupted and knocked out vast amounts of crude production there, and they said almost 90 percent of its buildings were saved.

Outages in Canada, which consultancy Energy Aspects said now totalled 1.6 million barrels per day (bpd), have...


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