Crude prices slip as market pessimism over supply persists

Crude oil prices fell in early Monday trade in Asia as the prospect of more oil-digging activities in the U.S. and a growing glut of distillate fuel pessimism that the oil market is tightening at a slower pace than previously expected.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU6, -0.38%   traded at $44.16 a barrel, down $0.02 in the Globex electronic session. September Brent crude LCOU6, -0.42%  London’s ICE Futures exchange fell $0.03 to $45.66 a barrel. Oil prices have been under the $50-a-barrel threshold for weeks thanks to multiple bearish factors.

Britain’s decision in June to leave the European Union left market players wondering about the possible contagion effects on regional economic health and oil demand.

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