Crude oil futures fell in early Asian trade on Tuesday, as investors ignored signs of market tightness to focus on concerns over global growth and overnight declines in stocks on the impending vote on Britain's possible Europ
With Asia's economic growth outlook darkening, many oil speculators have sold out of long positions which have been profiting from an almost doubling in crude prices since hitting over decade lows earlier this year.
Oil prices remained near 2016 highs in early trading on Thursday, buoyed by a fall in U.S. crude inventories, a weaker dollar and strong demand, but some analysts warned that the recent rally was starting to look overblown.
Oil prices stood steady near their highest level in about eight months, helped by industry data showing a larger-than-expected drawdown in U.S. crude inventories and worries about attacks on Nigeria's oil industry.
With crude oil price touching 7-month high of $50 a barrel, Finance Minister Arun Jaitley has said India can handle the current level but higher rates will impact the economy and lead to inflationary pressure.
Oil prices fell early on Thursday as a row between Saudi Arabia and Iran made it unlikely that the OPEC would agree any output constraints during a meeting in Vienna, just as demand worries from China resurfaced.
US oil prices were lifted early on Tuesday by the start of the peak demand summer driving season, although international fuel markets were weighed down by rising output in the Middle East, which mostly serves Asian customers.
Oil prices slipped in early Asian trade on Monday on a strong dollar as the odds grow of a June or July rate hike, and signs that global oil supply is holding up even as unplanned outages rise to at least a five-year high.