Oil prices rose in early trade on Wednesday as large wildfires were threatening Canada's oil sands and as the market expected US crude oil and gasoline inventories to show a drawdown later in the day. Brent crude futures were up 34 cents, or 0.4% at $82.71 a barrel. US West Texas Intermediate crude futures (WTI) rose 38 cents, or 0.5%, to $78.39 a barrel. A large wildfire was approaching Fort McMurray, the hub for Canada's oil sands industry with production of around 3.3 million barrels per day, or two-thirds of the country's total output, and thousands in suburbs were told to evacuate. Source: Qatar News Agency
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