Oil futures finished at their lowest level in a week on Monday, as an increase in the number of active U.S. oil-drilling rigs pointed to a possible uptick in production.Recently weak economic data and the coming Brexit vote in the U.K. and Federal Reserve meeting on monetary policy also raised concerns about a potential slowdown in crude demand, but a decline in the U.S. dollar kept losses for dollar-denominated oil at a minimum.
On the New York Mercantile Exchange, July West Texas Intermediate crude CLN6, -1.10% edged down by 19 cents, or 0.4%, to settle at $48.88 a barrel—the lowest finish since June 3.
Prices briefly traded higher Monday as traders were “shaking off some fear and getting ready to price in” a big draw in U.S. crude supplies for Wednesday’s weekly report, said Phil Flynn, senior market analyst at Price Futures Group.
August Brent crude LCOQ6, -0.95% fell 19 cents, or 0.4%, to $50.35 a barrel on London’s ICE Futures exchange, after briefly falling below $50 a barrel for the first time in a week.
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