Oil down 5 pct; biggest drop since Feb on Brexit, supply builds – Reuters

Oil Production

By Barani Krishnan

NEW YORK, July 5 (Reuters) – Oil prices tumbled 5 percent on Tuesday, with U.S. crude heading for its steepest daily decline in five months, as investors worried that Britain’s exit from the European Union would slow the global economy, making it unlikely energy demand will grow enough to cut a supply glut.

Data showed higher supplies, including an inventory build at the delivery hub for U.S. crude futures.

Brent crude was down $2.44, or nearly 4.9 percent, at $47.66 a barrel by 1:09 p.m. EDT (1709 GMT).

U.S. crude fell $2.55, or 5.2 percent, to $46.44. That was the biggest one-day percentage drop for U.S. crude since Feb. 9, Reuters data showed.

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