Oil falls to $49 on economic concerns, ample supply – Reuters

By Alex Lawler

LONDON, July 5 (Reuters) – Oil fell below $50 a barrel on Tuesday on concerns that a potential slowdown in economic growth could sap demand and persistent signs of abundant supply despite another militant attack on Nigeria’s oil industry.

Trade in one of Britain’s largest property funds was suspended in a sign of financial stress following the country’s vote to leave the EU. A flurry of data from China in the coming weeks is expected to show weakness in trade and investment.

Brent crude was down $1.21 at $48.89 a barrel at 1140 GMT. The global benchmark is still up more than 80 percent from a 12-year low close to $27 reached in January. U.S. crude was down $1.35 at $47.64 a barrel.

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