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Oil prices fall on profit-taking

Xinhua, June 22, 2016 Adjust font size:

Oil prices ended lower on Tuesday after investors took profits following gains in the previous sessions.

In 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. Enditem