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Oil down 1% as global demand, Brexit weigh; Brent below $50

Published 06/14/2016, 08:51 AM

Investing.com – Oil futures prices fell over 1% on Tuesday as concerns over the prospect of Brexit fueled concerns about global economic weakness.

Brent crude slipped back below $50 and was trading down 1.29% at $49.70 a barrel at 06:45 ET. U.S. crude shed 1.31% to $48.24.

OPEC on Monday stuck to its 2016 global oil demand and supply growth forecasts as Chinese imports showed signs of easing.

The American Petroleum Institute releases weekly U.S. stockpile figures on Tuesday. U .S. Department of Energy figures are out Wednesday.

The dollar was steady ahead of the start of the two-day FOMC meeting.

Latest comments

supply decreasing with the crisis in certain countries like Nigeria, and increasing demand, i don't know why oil price keep falling after it hit a new high last week.
global uncertainity over Brexit vote and central bank meetings of US and Japan. these could be the reasons... crude could have been trading above $50 for sure if these factors are not weighing on it
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