Oil futures fall on concerns over global growth, Brexit
Tokyo - QNA
Crude oil futures fell in Asian trade on Tuesday on concerns over global growth and overnight declines in stocks on the impending vote on Britain's possible European Union exit.
Brent crude oil futures slipped below $50 a barrel, falling 41 cents to $49.94 by 0445 GMT, dropping for a fourth successive day. US crude was down 46 cents, or nearly 1%, at $48.42 a barrel, also down for a fourth day in a row.
A stronger dollar overnight spilled into the oil market, while markets eyed recent polls showing Britain's "Leave" campaign in the lead ahead of a referendum on membership of the European Union. A vote by Britain to leave the European Union, dubbed "Brexit," may tip Europe back into recession, putting more pressure on the global economy.
Meanwhile, concerns about Chinese growth are also weighing on sentiment, enough to set aside bullish signs such as a U.S. government forecast on Monday that shale oil output is expected to fall in July for the seventh consecutive month. OPEC also forecast on Monday that the world oil market would be more balanced in the second half of 2016 as outages in Nigeria and Canada help to speed up the erosion of a supply glut.