The price of crude is rising this morning as the wildfire in Fort McMurray, Alta., slows oilsands production.
The Wood Buffalo region of Alberta is the economic heart of the province, and key to world oil markets. It produces more than half of Canada's oil each day and is an important exporter to the United States.
Oil prices have dropped sharply after a meeting of oil producers failed to agree an output freeze.
Brent crude fell 7% at one point before recovering some ground. In afternoon trade it fell 3.4% to $41.70 a barrel.
The meeting in Qatar was attended by most members of oil producers' group Opec, including Saudi Arabia, but not Iran.
Gains in oil and precious metals prices drove energy and gold mining stocks higher, while Valeant Pharmaceuticals International weighed heavily after delaying its earnings report.
