Oil prices are little-changed at the time of this writing after they
snapped back into the positive territory and above $50 a barrel late in
the day yesterday. Both oil contracts were lower in the first half of
yesterday's session. This was possibly due to a rebounding US dollar and
profit-taking ahead of US oil inventories data, especially since prices
had risen rather sharply in the prior couple of days. Crude oil, which
has been unable to decouple itself from risk assets, was also tracking
the movements in equities and GBP ahead of the all-important Brexit vote
on Thursday. The GBP/USD and stocks gave up their earlier advance
yesterday after new polls showed support for Brexit had increased a tad.
So oil was coming under pressure from this source, too.
