Crude oil turns lower as markets refocus on supply issues

Crude prices broke a two-day gain in early Asian trade Tuesday, as market players turn their attention back to the persistent overhang of oil on reduced odds of U.K. leaving the European Union.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in July CLN6, -0.83%  traded at $49.78 barrel, down $0.17, or 0.4%, in the Globex electronic session. August Brent crude LCOQ6, -1.01%  on London’s ICE Futures exchange fell $0.24, or 0.5%, to $50.41 a barrel.

Oil prices rose overnight, pushing Brent back above the $50 threshold, as polls showed more British voters in favor for their country to remain in the bloc. The outcome of the June 23 referendum will be announced on Friday.

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