Oil prices stay in the doldrums on supply growth concerns

Crude-oil prices were lower in early Asian trade Tuesday, weighed down by concerns of a growing global supply as outages around the world are winding down.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in July CLN6, -0.56%  traded at $47.92 a barrel, down $0.16 in the Globex electronic session. July Brent crude LCON6, -0.74%  on London’s ICE Futures exchange fell $0.21 to $48.14 a barrel.

Oil prices have been in the doldrums in the last few sessions on signs that supply disruptions in Canada and Africa are coming to an end. In Canada, while the wildfires aren’t yet completely contained, the authorities have lifted the mandatory evacuation order, allowing Suncor Energy Inc. SU, +0.58%   to resume operations in two major oil-sands production complexes.

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