Oil Slips From One-Week High Ahead of Brexit Vote, EIA Report
- U.S. crude stockpiles likely fell a 5th week: Bloomberg survey
- Latest polls say vote on U.K.’s EU membership will be close
Brexit Positivity Fuels Oil's Gains From One-Month Low
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Oil dropped from the highest close in more than a week as markets awaited U.S. stockpile data, while the U.K. referendum on European Union membership remained too close to call.
Futures slid 1.1 percent in New York after settling at the highest level since June 9 on Monday. U.S. crude inventories likely declined by 1.5 million barrels last week, according to a Bloomberg survey before an Energy Information Administration report is released on Wednesday. Still, U.S. stockpiles remain elevated at more than 100 million barrels above the five-year average. Separate polls showed leads for either side of the U.K. referendum before the vote on Thursday.