Crude falls as Canada to resume oil sands output after fires

Oil dropped for a fourth day as producers in Canada worked to resume operations after wildfires and Iran continued to raise exports.

July crude fell as much as 2.1 percent. Cooler weather is helping to control a blaze in Canada’s oil-sands region and allowing Suncor Energy Inc. and Syncrude Canada Ltd. to start getting back to work. Iranian exports could surpass 2.2 million barrels a day by midsummer, the state oil company told the Mehr news agency. Declines eased after Genscape Inc. was said to report that supplies slipped at Cushing, Oklahoma, the delivery point for New York futures.