Oil prices fell for the fifth consecutive day Wednesday as mounting concerns about Britain's possible exit from the European Union overshadowed an International Energy Agency declaration that oil markets are now in balance and the fourth straight weekly decline in U.S. crude inventories.
U.S. crude futures were down 20 cents to $48.29 U.S. a barrel approaching noon ET Wednesday. Brent was 51 cents lower at $49.32 U.S. a barrel.
The Energy Information Administration reported U.S. commercial crude inventories fell by 933,000 barrels to a total of 531.5 million barrels in the week through June 10.
On Tuesday, data from the American Petroleum Institute reported U.S. crude inventories rose by 1.2 million barrels, compared with analyst expectations for a decrease of 2.3 million barrels.
The EIA added motor gasoline stocks fell by 2.6 million barrels, while distillate fuel inventories rose by about 800,000 barrels.
U.S. oil production resumed its slide, falling by 29,000 barrels per day, after rising last week.
The influential Sun newspaper, long a scourge of alleged European Union excess, has came out in support of Britain leaving the EU.
If Britain votes to leave the EU, investors fear the bloc could slip into a recession that could undermine oil demand.
