Oil logs a fifth straight drop as demand concerns weigh

Oil futures settled lower Wednesday, pressured by concerns over global energy demand following disappointing U.S. economic data and ahead of the U.K. referendum scheduled for next week.

A modest weekly decline in U.S. crude supplies and the Federal Reserve’s decision to stand pat on interest rates failed to offer much support for prices.

July West Texas Intermediate crude CLN6, -1.02% fell 48 cents, or 1%, to settle at $48.01 a barrel on the New York Mercantile Exchange, marking a fifth session decline in a row. The August contract for Brent LCOQ6, -0.86% lost 86 cents, or 1.7%, at $48.97 a barrel.

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