Oil prices retreat further from $50-a-barrel as crude data looms

Oil prices slid in early Asian trade Wednesday as investors adopt a cautious stance ahead of the weekly U.S. crude inventory data and the biannual OPEC meeting, both scheduled for Thursday.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in July CLN6, -0.96%  traded at $48.74 a barrel, down $0.36, or 0.7%, in the Globex electronic session. August Brent crude LCON6, -0.16%  on London’s ICE Futures exchange fell $0.39, or 0.8%, to $49.50 a barrel.

Overnight, oil prices brushed against the $50 mark briefly before retreating, repeating a pattern from last week amid bearish suggestions from analysts that the strong rally may have been overextended on tenuous factors such as unplanned supply disruptions.

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