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Oil futures shrugged off a broader market selloff, sustained by a growing belief that even an economic slowdown would fail to alleviate an ongoing supply crunch.

This month's blazes have largely spared the oil sands in northeastern Alberta.

Oil scored a 16% quarterly gain in the latest sign that export curbs by OPEC and its allies are reining in global supplies.

Record USA exports and shrinking stockpiles drove crude futures higher this week.

Key oil market gauges indicate that supplies are outstripping demand, overshadowing Saudi Arabia's pledges that OPEC+ will deliver on its planned production cuts.

Oil closed at its highest settling price this year as increasing tensions in the Middle East outweighed hotter-than-expected US inflation data that's damping the prospect of interest rate cuts.

Oil rose as risk-on sentiment spurred by cooling US inflation overshadowed an unexpected increase in the country's crude stockpiles.

Oil eased lower as a brief outage on North America's Keystone pipeline failed to shake prices out of the tightest weekly trading range in years.

Oil edged lower to settle below $81 a barrel after a stronger dollar curbed investor appetite for commodities, offsetting signs of a tighter global crude market.

OPEC+ commitment to reducing supply in question after voluntary cuts announced.