Oil prices sagged in early Asian trade after a two-day gain that was fueled by the receding concerns that the United Kingdom would leave the European Union after the referendum this week as the market focuses on output issues.
U.S. crude declined by 18 cents at $49.19 a barrel. Brent crude futures was down 31 cents at $50.34 a barrel. On Monday it rose 3% or $1.48 to $50.67 a barrel.
Saudi Arabia’s April crude export dropped from 7.541m bpd in March to 7.444m bpd, official data revealed. The petrostate produced 10.262m bpd in April, which is marginally higher than the 10.224m bpd in March, data showed. Iran is impending to add to supply as it recently increased its crude export capacity.
The material has been provided by InstaForex Company – www.instaforex.com