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6/16/2016, 5:45 PM (Source: TeleTrader)
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Oil bounces a bit after 3% drop

Crude oil prices started a slow recovery after falling nearly 4% late in the morning trade on Wall Street. Crude inventories in the United States were 933,000 barrels lower last week, according to data from the U.S. Energy Information Administration on Wednesday. Otherwise, oil traders saw a decline with concerns over upcoming British referendum on the European union membership. It looks now that a Brexit is not only possible, but will exercise huge market impact in all market segments.

Here are the prices at the ICE Future Europe at 5:34 p.m. CET.

Premium international blend Brent for delivery in August was 2.26% lower at $48.08 a barrel.

West Texas Intermediate for July delivery was down 2.04% at $47.03 a barrel.

Meanwhile at Nymex, the U.S. light sweet crude was priced 2.48% lower at $46.31 a barrel at 5:44 p.m. CET.

The Organization of the Petroleum Exporting Countries reported its OPEC daily basket price of 13 crudes at $45.36 a barrel on Wednesday, compared with $45.64 the previous day.

 

Image: A billboard advertisement urging Britons to vote "in" in the upcoming EU Referendum (EPA / Facundo Arrizabalaga)

Breaking the News / ZR