Oil prices slump on global growth concerns

Oil prices suffered big losses Tuesday as investors worried that Britain's exit from the European Union would slow the global economy.

Brexit worries hit Britain's property market and drove the pound to a 31-year low, which also dampened the outlook of the world economy, said Reuters Tuesday.

Meanwhile, signs of ample supplies also weighed on the market. Nigeria pumped an average of 1.53 million barrels per day in June, up about 90,000 a day from May, according to the Bloomberg survey.

Productions in Saudi Arabia, the biggest crude exporter, rose by 70,000 barrels a day to 10.33 million last month, the survey showed.

The West Texas Intermediate for August delivery dropped 2.39 U.S. dollar to settle at 46.60 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery plunged 2.14 dollar to close at 47.96 dollars a barrel on the London ICE Futures Exchange. Enditem