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Oil prices steady after slump on Brexit, supply risks

Published 2016-07-05, 08:32 p/m
© Reuters. Oil prices steady after slump on Brexit, supply risks
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TOKYO, July 6 (Reuters) - Oil prices were up slightly in
early Asian trading on Wednesday after sharp falls in the prior
session, but gains were limited by ongoing concerns about the
economic impact of Britain's vote to leave the European Union
and a glut of crude.
U.S. crude CLc1 was up 13 cents $46.73 a barrel at 0017
GMT. The contract fell 5 percent to end at $46.60 on Tuesday as
U.S. investors got to digest news of an OPEC increase in
production after the July 4 holiday on Monday closed trading.
Brent futures LCOc1 were up 17 cents at $48.13. On Tuesday
they settled down 4.3 percent at $47.96 a barrel.
Oil prices are up almost 80 percent from 12-year lows of
around $27 for Brent and $26 for U.S. crude in the first quarter
and they are ripe for supply shocks just as the so-called Brexit
vote came as a body blow to global growth hopes.
The rebound in crude was fueled by supply outages from
Canada to Nigeria that created the perception that a
two-year-old supply glut may be easing.
But OPEC's oil output in June was its highest in recent
history, as Nigeria's oil industry partially recovered from
militant attacks and Iran and Gulf members boost supplies.
OPEC/O
The yen JPY= rose further on Wednesday as investors hit
the shelters with broad risk off mood gripping wider markets.
Sterling sank to a fresh 31-year trough early on Wednesday,
having taken a turn for the worse as the first signs of markets
seizing up emerged in the UK following the Brexit vote.

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