Assessing Signals That Oil's Glut is Nigh
Oil traded near $49 a barrel after U.S. crude production and stockpiles dropped and as investors await the outcome of U.K. vote on whether to remain a member of the European Union. August futures rose as much as 1.6 percent in New York. Production fell for 14 out of the last 15 weeks to the lowest since September 2014 and inventories slid by 917,000 barrels last week, according to data from the Energy Information Administration. Bloomberg's Stuart Wallace reports and UBS Head of Emerging Markets Cross Asset Strategy Bhanu Baweja discusses with Bloomberg's Francine Lacqua on "The Pulse."