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Oil prices up 2% in Asian session as Canada wildfires threaten supply

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Oil prices rallied more than 2 per cent at the start of Asia's Monday trading session as supply outages persisted over the weekend from Canada's wildfires that have shut half the country's vast oil sands capacity.

[NEW YORK] Oil prices rallied more than 2 per cent at the start of Asia's Monday trading session as supply outages persisted over the weekend from Canada's wildfires that have shut half the country's vast oil sands capacity.

US crude's West Texas Intermediate futures were up US$1.15, or 2.6 per cent, at US$45.81 a barrel by 6:05 pm EDT (2205 GMT) in New York on Sunday, after opening at US$45.

Brent crude futures rose US$1.02, or 2.2 per cent, to US$46.39, after opening at US$45.75.

REUTERS