Investing.com – Oil fell Wednesday on growing fears Britain may leave the European Union and a surprise rise in U.S. crude stockpiles.
U.S, crude fell for the fifth session a row but moved off three-week lows. It was down 0.78% at $48.11 at 06:45 ET after a low of $47.57. Brent crude shed 1.16% to $49.25.
Recent opinion polls show a bias in favour of Brexit, which could tip Europe into recession.
The American Petroleum Institute reported U.S. crude stockpiles rose by 1.518 million barrels in the latest week against a forecast fall of 1.4 million.
U .S. Department of Energy official figures due out Wednesday are expected to see a drop in inventories of 2.26 million barrels.
The dollar was weaker ahead of the FOMC statement later Wednesday.