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    Oil Slides For Fifth Day As Brexit and Inventory Builds Bite

    (Jun 15 Reuters) Oil prices fell for a fifth day on Wednesday, their longest losing streak since February, knocked by mounting concerns about Britain's possible exit from the European Union and a surprise build in U.S. inventories.

    Brent crude futures fell 64 cents on the day to $49.19 a barrel by 0920 GMT, while U.S. crude prices fell 52 cents to $47.97.

    A series of production disruptions in Nigeria, Venezuela, Libya and Canada pushed oil to a 2016 high of $52.86 last week.

    Data from the American Petroleum Institute, however, showed U.S. crude inventories rose by 1.2 million barrels in the week to June 10 to 536.7 million, compared with analyst expectations for a decrease of 2.3 million barrels.

    Burt the impending vote on the so-called Brexit is dominating everything from currency markets to German Bunds, yields of which fell below zero for the first time on Tuesday after polls showed the "Out" campaign over "In."

    If Britain votes to leave the EU, investors fear the bloc could slip into a recession that could undermine oil demand.

    Click on the link below to see the full story from Reuters: (by Amanda Cooper)

    Oil slides for fifth day as Brexit and inventory builds bite

     

     


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