08:44 AM EDT, 06/06/2025 (MT Newswires) -- Oil prices weakened early on Friday, but stayed near the top of a monthly range on tight North American supply with some Canadian oil-sands projects shuttered due to wildfires, even as OPEC+ continues to add fresh barrels to the market and global growth slows.

West Texas Intermediate crude oil for July delivery was last seen down $0.06 to US$63.61 per barrel, while August Brent crude was down US$0.03 to US$65.31.

Wildfires in northern Alberta are tightening supply. Cenovus Energy (CVE.TO, CVE) and Canadian Natural Resources (CNQ.TO, CNQ) this week shut in a combined 274,500 barrels per day of production from oil sands projects as they evacuated personnel from projects threatened by fires.

The supply disruptions come as broader global markets are awash in oil as OPEC+ added a second monthly tranche of 411,000 new barrels per day of oil as it speeds the return of 2.2-million barrels per day of production cuts. The group will add a third tranche production hikes in July and will decide next month if it will continue adding more supply in August.

Global inventories are on the rise with the additional supply, but with the high-demand driving season underway, traders have kept prices in a tight range for much of the past month.

"WTI and Brent crude oil continue to trade within a relatively wide $10 range, established after the sharp selloff in early April. This slump followed renewed concerns over President Trump's trade war policies and an OPEC+ announcement to accelerate the unwinding of 2.2 million barrels per day (bpd) in voluntary production cuts," Ole Hansen, head of commodity strategy at Saxo Bank, wrote.