Oil prices rise on U.S. reserve refilling and supply concerns.

Oil prices rose for a second day due to US plans to purchase oil for the Strategic Petroleum Reserve and supply worries caused by wildfires in Canada. The US Department of Energy plans to buy 3 million barrels of crude oil for the SPR for delivery in August. Meanwhile, OPEC+ plans additional output cuts, but US oil output from the seven biggest shale basins is due to rise in June to the highest on record. Venezuelan state energy company PDVSA's new management expects to boost the country's oil production to 1.17 million barrels per day by year end while increasing refining and exploration activities.