Crude oil futures continued to fall along with global stocks Tuesday, even as the International Energy Agency (IEA) said the oil market will be balanced in the second half of 2016.
The agency said it saw the “first significant drop” in global oil supply since 2013 last month.
Still, traders remain spooked by numerous geopolitical flash points, including the possible UK exit from the EU and Donald Trump’s presidential campaign.
July WTI oil was down 39 cents, or 0.8%, to settle at $48.49/bbl on Nymex, the lowest in three weeks.
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