Oil prices fell in Asian trading on Wednesday amid wider market turmoil set off by mounting concerns over the economic impact of Britain's vote to leave the European Union.
US crude was down 31 cents at $46.29 a barrel at 0158
Oil prices rose on Monday following comments from the Saudi energy minister that the market was heading towards balance, although signs of slowing demand in Asia weighed.
Brent crude futures LCOc1 were trading at $50.58 per barrel
Saudi Arabia's Economy and Planning Minister Adel Fakieh said that the kingdom could live comfortably with oil prices even as low as they were late last year.
"We believe that we will comfortably live with the prices that
Peak global oil demand lies beyond 2050, as long as we remain in a relatively low oil price environment of $55-75 per barrel in real terms, a report said.
Yet, more rapid electric vehicle adoption or fuel efficiency improvements,
Brent crude oil rose above $50 a barrel for the first time in nearly seven months on Thursday but Asian shares struggled to gain traction, with worries about US interest rates and China's slowing economy keeping many investors on the sidelin
Oil prices dipped on Wednesday as Canadian oil sand production was expected to gradually ramp up following forced closures due to wildfires, and as record crude inventories especially in the United States put pressure on markets.
Exxon Mobil Corp and Chevron Corp on Friday reported their most dismal quarterly results in more than a decade on low oil prices and an oversupplied fuel market that hurt what had been lucrative refining margins.
As crude prices s
Bahrain’s economic growth is expected to slow in 2016 as real growth in the oil sector receded amid a low oil price environment, a report said.
Growth in real GDP will slow from an estimated 1.6 per cent in 2015 to around 1.
Oil prices rose more than six per cent on Friday to end with the biggest weekly gain in a month as drawdowns in US crude stockpiles fed hopes that a punishing global oversupply may be approaching a tipping point after nearly two years.
Regional markets like most world equities had a weak start to the year but managed to recover ground by the end of the first quarter of 2016 (1Q16), a report said.
Following a dire end to 2015, GCC equities continued to underperfo