Investing.com - Financial Markets Worldwide

UPDATE 8-Oil down 5 pct; biggest drop since Feb on Brexit, supply builds

Published 2016-07-05, 12:57 p/m
© Reuters. UPDATE 8-Oil down 5 pct; biggest drop since Feb on Brexit, supply builds
LCO
-
CL
-

(New throughout, updates prices as U.S. crude heads for
milestone loss)
By Barani Krishnan
NEW YORK, July 5 (Reuters) - Oil prices tumbled 5 percent on
Tuesday, with U.S. crude heading for its largest daily decline
in five months, as investors worried that Britain's exit from
the European Union would slow the global economy.
Data showing higher supplies, including an inventory build at
the delivery hub for U.S. crude futures, also pressured oil
prices.
Brent crude LCOc1 was down $2.35, or 4.7 percent, at
$47.75 a barrel by 12:47 p.m. EDT (1647 GMT).
U.S. crude CLc1 fell $2.40, or 5 percent, to $46.59. That
was the biggest one-day percentage drop for U.S. crude since
Feb. 9, Reuters data showed.
Brexit worries hit Britain's property market and drove the
pound to a 31-year low. A flurry of data from China in the
coming weeks is expected to show weakness in trade and
investment. MKTS/GLOB
Traders also cited data from market intelligence firm
Genscape showing a build of 230,025 barrels at the Cushing,
Oklahoma storage hub for U.S. crude futures, during the week to
July 1.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.