Oil prices fell in Asian trade on Tuesday, halting growth for eight consecutive days on signs that sustained growth in U.S. crude production begins to decrease.
Brent crude futures fell by 28 cents, or 0.6%, to $49.40 a barrel. WTI crude futures down 23 cents, or 0.5%, to $46.84 a barrel.
Many traders closed positions ahead of the U.S. Independence Day, while Brent also faced technical resistance at it approaches $50 a barrel, traders said, but despite this, market forecasts have shifted.
Late May and most of June were mostly bearish as U.S. output grew and increased doubts over the OPEC’s ability to hold the global glut.
But the mood began to change towards the end of June when U.S. data showed a drop in production U.S. oil output.