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Oil futures fall as global growth, Brexit concerns weigh

Published 2016-06-13, 08:38 p/m
© Reuters. Oil futures fall as global growth, Brexit concerns weigh
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TOKYO, June 14 (Reuters) - Crude oil futures fell in early
Asian trade on Tuesday, as investors ignored signs of market
tightness to focus on concerns over global growth and overnight
declines in stocks on the impending vote on Britain's possible
European Union exit.
Brent crude oil futures LCOc1 fell below $50 a barrel
again to $49.79, down 56 cents, by 0029 GMT. On Monday the
contract settled down 19 cents at $50.35 per barrel.
U.S. crude CLc1 was down 53 cents, or 1 percent, at $48.35
a barrel. The U.S. benchmark also ended down 19 cents in the
previous session at $48.88 a barrel.
A stronger dollar overnight spilled over into the oil
market, while uncertainty over the outcome of this week's policy
meeting of the U.S. Federal Reserve is keeping the bulls at bay.
A vote by Britain to leave the European Union, dubbed
"Brexit," may tip Europe back into recession, putting more
pressure on the global economy.
Britain's "Out" campaign has increased its lead over the
"In" camp before the June 23 referendum, according to two
opinion polls published by ICM on Monday.
Concerns about Chinese growth are also weighing on
sentiment, enough to set aside bullish signs such as a U.S.
government forecast on Monday that shale oil output is expected
to fall in July for the seventh consecutive month.
OPEC also forecast on Monday that the world oil market would
be more balanced in the second half of 2016 as outages in
Nigeria and Canada help to speed up the erosion of a supply
glut.

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