Oil Near Six-Month High As Outages Support

Oil traded at around $49 a barrel on Tuesday within sight of a six-month high, supported by supply outages in Nigeria, Canada and other producers that are eroding a persistent glut.

Nigerian oil output has been cut by almost 40 percent, the government said. In Canada, the sudden movement of a wildfire prompted the evacuation of some 4,000 people from work camps outside the oil hub of Fort McMurray.