Investing.com - Oil futures were lower early Tuesday after a strong two-day rally as caution set in ahead of the Brexit vote on Thursday.
Brent crude held above the $50 mark but was trading down 0.93% at $50.18 at 06:45 ET. U.S. crude for August delivery fell 0.82% to $49.55.
Polls released late Monday showed the outcome of the Brexit referendum in balance between “Remain” and “Leave.”
The dollar index was slightly lower. A weaker dollar lends support to the oil market.
Investors will be looking to semi-annual congressional testimony by Fed chief Janet Yellen later Tuesday.
Saudi oil exports fell in April to 7.4 million barrels a day despite higher output.
This suggests that supply continues to outstrip demand.
The American Petroleum Institute is due to release the latest weekly U.S. crude inventory figures on Tuesday.