Oil prices fell in early Asian trade after a strong two-day rally that was fed by easing concerns Britain would leave the European Union after a referendum this week, allowing market participants to focus on supply issues.
Saudi Arabia’s crude oil exports also dropped despite high production levels, suggesting demand remains in a deficit to supply.
U.S. crude’s expiring July front-month contract was down 18 cents at $49.19 a barrel at 0046 GMT. The more actively traded August contract, the new front-month from Wednesday, was down 19 cents at $49.77.
