Crude oil futures on Tuesday dropped to the lowest level in more than a month, as the market has largely ignored recent tit-for-tat strikes between Israel and Houthi militants in Yemen.
Israel responded with airstrikes against Houthi targets near the Al Hudaydah Port in Yemen over the weekend, hitting oil facilities.
"Oil is starting to feel as if it is heading for the doldrums," John Evans, analyst at oil broker PVM, told clients in a note.
Wildfires in Alberta, however, poses a potential risk to crude supplies in Canada though production has remained solid so far, according to Goldman.
The worst of the wildfire season likely lies ahead, with a third of the wildfires in Alberta burning out of control, threatening 400,000 barrels per day in production, according to the investment bank.
Persons:
Goldman Sachs, John Evans, Goldman
Organizations:
UBS
Locations:
Stanton , Texas, Israel, Yemen, Tel Aviv, Al Hudaydah Port, Alberta, Canada