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Oil futures down on U.S. stockpile report, Brexit concern

Published 2016-06-15, 09:03 p/m
Oil futures down on U.S. stockpile report, Brexit concern
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TOKYO, June 16 (Reuters) - Oil prices fell in early Asian
trade on Thursday, heading for a sixth day of declines,
following a lower than expected draw on U.S. stockpiles and amid
worries Britain might leave the European Union.
Front-month U.S. crude futures CLc1 were down 56 cents, or
1.2 percent, at $47.45 a barrel at 0043 GMT. The contract fell 1
percent the previous session, the fifth straight day of
declines.
Brent crude LCOc1 was 44 cents, or 0.9 percent, lower at
$48.53 a barrel. The contract settled down 1.7 percent on
Wednesday, a fifth day it has closed lower.
U.S. crude stocks fell last week, the government said on
Wednesday, but the decline was much smaller than anticipated,
while gasoline stocks decreased sharply.
Crude inventories USOILC=ECI fell by 933,000 barrels in
the last week, the U.S. Energy Information Administration
reported, less than half the 2.3 million barrel decrease
expected by analysts.
The U.S. Federal Reserve signaled on Wednesday that it still
plans two U.S. rate hikes this year despite slower growth
expectations, also hitting the oil market.
With a week to go before Britain votes on leaving the
European Union, oil and other markets also remain in thrall to
opinion polls, which are increasingly showing those supporting
an exit are in the majority.
A so-called Brexit will lead to a Europe-wide recession and
hit demand for oil, many analysts say.

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