LONDON (Reuters) - Oil prices on Wednesday were on course for a fifth fall in what would be their longest losing streak since February, knocked by mounting concerns about Britain's possible exit from the European Union and a surprise rise in U.S. inventories.
Brent crude futures fell 70 cents on the day to $49.13 a barrel by 1125 GMT, while U.S. crude prices fell 47 cents to $48.02.
A series of production disruptions in Nigeria, Venezuela, Libya and Canada helped push oil to a 2016 high of $52.86 last week.
Data from the American Petroleum Institute, however, showed U.S. crude inventories rose by 1.2 million barrels in the week to June 10 to 536.7 million, compared with analyst expectations for a decrease of 2.3 million barrels. [API/S]
But the impending vote on the so-called Brexit is dominating everything from currency markets to German Bunds, yields of which fell below zero for the first time on Tuesday after polls showed the "Out" campaign gaining over "In". [MKTS/GLOB]
If Britain votes to leave the EU, investors fear the bloc could slip into a recession that could undermine oil demand.
"In a sense, it is putting some market participants on the sidelines and contributing to the cap on crude oil prices," Petromatrix strategist Olivier Jakob said.
"Are you going to be buying aggressively ahead of that? Maybe not, because you don't know what is going to happen, but there is no evidence of very strong selling on the back of it either," he said.
"For me, crude oil is still stuck between supports from the Nigerian disruptions and capped by falling gasoline prices."
Gasoline refining margins on both sides of the Atlantic have fallen since the start of June, as inventories have grown at a time when demand tends to be at its highest for the year.
"The broad picture at the moment is that oil is being swept up in a broad risk off move associated with Brexit primarily," said Ric Spooner, chief market analyst at CMC Markets in Sydney.
Britain's Sun newspaper, long critical of alleged European Union excess, also came out in support of Britain leaving the EU this week.
Robust demand and production disruptions have helped balance the oil market but this equilibrium will again tip into surplus early in 2017, the International Energy Agency (IEA) said on Tuesday.
Goldman Sachs expects the oil price recovery to stall near recent price levels, it said on Wednesday, and forecast that crude would need to sustain a price of $45-$50 per barrel for the market to fall into deficit in the second half of 2016.
By Amanda Cooper
(Additional reporting by Aaron Sheldrick in Tokyo; editing by David Clarke and Jason Neely)
Something interesting to share?
Join NrgEdge and create your own NrgBuzz today
Funko Action Figuresare a popular collectible toy that is now being incorporated into the workplace to motivate employees. The action figures have been used as an alternative to the traditional desk calendar or as a prize for top performers. With this type of incentive, employers can expect their employees to feel more motivated and productive.
Many employers have found that Funko Action Figures are a great way to motivate their employees and provide incentives for high performance at work. Funko Action Figures are a popular collectible toy that is now incorporated into the workplace. These small collectibles are given to employees to motivate them. Funko figures were once only available at comic book stores, but now they are being used in offices for this purpose.
The company is called Zappos and they first introduced this idea back in 2009. They gave these figurines to their employees as a way of motivating and rewarding them for their hard work and dedication. Although it’s not very clear why the action figures themselves motivate people, we can see that it has been working well for Zappos as they have continued to use it since 2009. These soft-bodied vinyl figures, often called "Pop!" Figures were originally conceived by Mike Becker and founded by Alan Becker.
The Funko Pop! Action Figure is a line of collectible toys produced by the company Funko LLC. They are typically stylized vinyl figures depicting characters from various media and entertainment. First introduced to the public in 2005, the company was originally founded as a bobblehead company in 1998 and became popular through distribution at chain retailers such as Walmart and Target. The first wave of Funko Pops was based on Disney properties like Mickey Mouse as well as other popular culture icons such as Conan O’Brien and Catwoman.
Funko Action Figures are collectible figurines that often depict pop culture characters. They are often used in the office to motivate employees and provide a sense of community. Funko has established itself as a major player in the toy industry with its trademarked Pop! vinyl figures. This company is taking on new ventures like collecting by introducing Funko Action Figures, for example, Boba Fett from the Star Wars movies. This type of product is sometimes called a 'blind box' because you don't know which figure you're getting until you open it. The Boston-based company, BuzzFeed, has introduced this type of toy into their office to help with team building and morale. The employees at this company seem to have a lot of fun with them.
Asset Works FleetFocus fleet management software is a powerful solution designed to help asset- and infrastructure-intensive organizations control costs and streamline operations. By tracking vehicle location and maintenance history, fleet managers can extend the useful life of their fleet and prevent costly downtime. With preventive maintenance scheduling, work order and labor tracking, and parts and inventory tracking, FleetFocus helps fleet managers maximize efficiency while minimizing expenses. As a result, Asset Works fleet management solutions deliver industry-leading value for fleet managers around the world.
Support: [email protected]
It is important to know where to gun parts from. There are many places you can buy them from, but it is important to choose the right place so that you get the best quality and service. There are many places where you can buy gun parts from. You can buy them from gun stores, online retailers, and even at a flea market.
One of the best places to buy gun parts from is Always Armed.They have a wide range of products available, they offer great customer service, and they have convenient shipping options.
Buying gun parts can be a difficult task. There are many different types of firearms and there is a huge variety of gun parts. The right place to buy gun parts depends on what you are looking for and what kind of firearm you have.
If you are looking for a specific part, then your best bet is to search online. You can find the part that you need at an affordable price and it will be delivered right to your door. If you want to save time, then this is the best option for you. If not, then your local gun store might be the best option for you because they have many different types of firearms as well as all kinds of other equipment that might come in handy for hunting or shooting sports.
When it comes to buying gun parts, you need to be very careful. There are a lot of scams out there and some companies just want to take your money and never send you the goods.