Oil prices hit their lowest in more than three weeks on Thursday, the sixth straight day of losses and longest bearish run since early 2016, as U.S. crude stocks fell less than expected and concerns over Britain’s future in the EU weighed.
Brent crude futures, the global benchmark, have slipped 9 percent in just five sessions after touching an eight-month high of nearly $53 a barrel a week ago.
On Thursday, the contract fell 94 cents at $48.03 by 8:50 a.m. ET (1250 GMT). It fell as low as $48.14, the weakest level since May 24, and was set for the longest losing streak in five months.
Front-month U.S. crude futures were down 96 cents, or 2 percent, at $47.05 a barrel, near a one-month low for the session.