Oil prices ended lower on Tuesday after investors took profits following gains in the previous sessions.
[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]I[/dropcap]n the previous two sessions, oil prices rallied as investors’ appetite for riskier assets like oil increased after concerns about Britain’s possible exit from the European Union diminished.
The closely-watched Britain’s referendum will be held on Thursday. New polls released over the weekend showed those wanting to stay in the European Union holding a slim majority over the Leave campaign.
Oil prices were also under pressure by a stronger dollar on Tuesday. The dollar index, which measures the greenback against six major peers, was up 0.43 percent at 94.014 in late trading.
A stronger U.S. dollar dented investor sentiment, which made the dollar-denominated oil less attractive for holders of other currencies.
The West Texas Intermediate for July delivery lost 52 cents to settle at 48.85 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery decreased 3 cents to close at 50.62 dollars a barrel on the London ICE Futures Exchange.
Notes: Xinhua- (This story has not been edited by PGurus.com and is generated from a syndicated feed we subscribe to).
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