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Oil goes down as markets refocus on supply issues

On Tuesday, oil edged lower during Asia trade, as traders turned their attention back to the persistent overhand of crude on reduced odds of Great Britain leaving the EU.

In New York, July delivery sweet and light crude futures were worth $49.78 per barrel, showing a 0.4% sag. August Brent crude futures dipped 0.5%, trading at $50.41.       

Crude prices surged overnight, bringing Brent back above the 50$ level because surveys disclosed that more and more British votes appreciate the idea of staying in the European Union. The official result of the June 23 referendum is going to be announced on Friday. 

Several more surveys are expected to be published before Thursday’s vote. Monday’s surveys appeared to be mixed, with an online poll carried out by YouGov providing a lead of two points to “Leave”at 44% to about 42% for “Remain.” The pro-EU camp held a two-point lead in a phone survey from ORB International at approximately 49%.     

 

  

 

 

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