Tuesday morning oil is trading at it's highest price in seven months, trading around $48 a barrel.

 

This as US crude inventories are falling for the second week, according to Reuters. The stockpile is declining by about 3.2 million barrels.

 

Brent Crude, the global benchmark, is sitting around $49 a barrel.

 

Analysts say the slight bump is due in part to wildfires that are threatening Canadian oil supplies. About 4,000 people were evacuated from work camps, and the facilities shut down, as a wildfire shifted north toward Fort McMurray in Alberta.

 

Another factor is outages in Nigeria.