KONTAK PERKASA FUTURES – 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 edged down by 19 cents, or 0.4%, to settle at $48.88 a barrel–the lowest finish since June 3.

August Brent crude 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.

Source: marketwatch.com