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Wall Street Rally Doused by Progress Against Canadian Wildfire

Signs of progress in fighting a massive wildfire in Canada put a stop to a rally in crude oil on Monday, and U.S. financial markets paid the price. No one ever accused them of empathy.

Because it posed a threat to oil-production sites, the disaster buoyed the price of crude, which has been in the doldrums because of a global supply glut. The blaze hindered more than 1 million barrels in daily production capacity -- about a third of Canada's output -- as 11 producers and three pipeline operators were forced to limit operations.

"Some reports indicate that the fires in Canada may be moving away from critical oil production facilities and that the weather may be aiding the firefighting effort," said Randy...


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