Biden effect on oil

Oil rises as Biden withdraws bid, wildfires threaten output in Canada Oil prices rose after falling almost 3% on Friday as investors weighed the impact of U.S. President Joe Biden’s decision not to seek re-election and as wildfires threaten some output in Canada. Global benchmark Brent rose to $83 a barrel after posting its biggest one-day drop since early June, while U.S. crude was around $81. Biden has abandoned his bid for a second term and endorsed Vice President Kamala Harris. The U.S. dollar fell in Asian trading, benefiting commodities priced in that currency. In Canada, extreme heat has triggered a wave of wildfires in the Alberta oil region. An estimated 348,000 barrels a day of output are at risk, according to Alberta Wildfire and Alberta Energy Regulator data. Over the weekend, Israel struck targets around the Houthi-held Red Sea port of Hodeidah in retaliation for a drone strike on Tel Aviv.