Crude Oil Shows Another Strong Move To The Upside

(RTTNews) - After moving sharply higher in the previous session, the price of crude oil has shown another strong move to the upside during trading on Tuesday.

Crude for July delivery jumped $0.89 or 1.4 percent to $63.41 a barrel after surging $1.73 or 2.9 percent to $62.52 a barrel during Monday's trading.

The continued increase by the price of crude oil came amid ongoing concerns about supply due to escalating geopolitical tensions and stuttering U.S.-Iran nuclear talks.

Wildfires in Canada's energy heartland of Alberta have shut down almost 350,000 barrels of daily heavy crude production — about 7 percent of the country's output.

Cenovus Energy Inc., MEG Energy Corp. and Canadian Natural Resources Ltd. are among the companies that curtailed output because of the 61,500-hectare blaze near the Saskatchewan border.

Meanwhile, reports suggest that Iran is set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer.

An Iranian diplomat rejected the new U.S. proposal as a non-starter, calling it one-sided and lacking clarity on sanctions relief or uranium enrichment rights.

Elsewhere, a second round of direct peace talks between Russia and Ukraine have ended without a major breakthrough, dampening hopes for a resolution to the three-year old conflict.

France and Germany have called on the U.S. to enact sanctions targeting Russia if Moscow remains unwilling to cease hostilities in Ukraine.