Oil prices march higher as supply hopes offset fading Brexit fears

Oil prices rose Wednesday as prospects of slower production and supply declines around the world offset residual shocks from the Brexit vote.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in August CLQ6, +1.32%  traded at $48.43 a barrel, up 1.2%, or 56 cents. August Brent crude on London’s ICE Futures exchange LCOQ6, +1.15%  rose 51 cents, or 1%, to $49.07 a barrel.

Oil prices have rallied since the first quarter due to unplanned supply outages, such as wildfires in Canada, strikes in Kuwait and France, economic woes in Venezuela, and political upheavals in Nigeria and Libya. These events, coupled with strong demand from China and India, have strengthened views that the global oil markets are pivoting to a deficit.

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