Crude oil futures were down on Tuesday as traders worried over Britain’s EU membership uncertainty and the July WTI contract expired, according to Bloomberg MarketWatch.
On the New York Mercantile Exchange, July West Texas Intermediate crude fell 52 cents, or 1.1%, to settle at $48.85 a barrel. While the July contract expired, August WTI crude became the front month contract, falling 11 cents, or 0.2%, ending trade at $49.85 a barrel.
On London’s ICE Futures Exchange, August Brent crude, the global benchmark, slid 3 cents, or 0.1%, to settle at $50.62 a barrel.
Analysts said that while a Brexit may not have an immediate impact on oil, the market could suffer collateral damage, according to the Bloomberg report.
Meanwhile, July natural gas rose 2.1 cents, or 0.8%, to settle at $2.768 per million British thermal units on the New York Mercantile Exchange, marking their highest price since mid-August.
