Output disruptions in Canada due to wildfires in May and strong demand for gasoline have helped to draw down supplies of U.S. crude oil, which posted declines in each of the past six weeks. Traders, however, have been concerned about a potential slowdown in energy demand in the wake of the U.K.’s vote to leave the European Union, a.k.a. Brexit, and a likely recovery in global output levels.
August West Texas Intermediate crude CLQ6, +0.62% fell $1.55, or 3.1%, to settle at $48.33 a barrel on the New York Mercantile Exchange.
August Brent crude LCOQ6, -1.76% which expired at the settlement, fell 93 cents, or 1.8%, to $49.68 a barrel. Futures prices have gained 25.5% for the quarter, with the year-to-date gain at 33.3%.
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