Oil pared its first weekly decline in more than a month as oil-sands disruptions in Canada

(Bloomberg) - Oil pared its first weekly decline in more than a month as oil-sands disruptions in Canada and lower U.S. output offset rising stockpiles and OPEC production. A wildfire in Alberta has shut more than one million barrels a day of oil-sands output capacity after workers were evacuated, while production sites have so far escaped damage. U.S. crude inventories rose to the highest since 1929 while output dropped the most in eight months last week, a government report on Wednesday showed. OPEC output climbed in April amid gains from Iran and Iraq, according to data compiled by Bloomberg. - See more at: http://www.rigzone.com/news/oil_gas/a/144375/Oil_Pares_Weekly_Drop_as_Wildfire_Disruptions_Battle_Oversupply?utm_source=DailyNewsletter&utm_medium=email&utm_term=2016-05-06&utm_content=&utm_campaign=industry_headlines_2#sthash.h0348ehZ.dpuf