Oil prices retreated Wednesday as oversupply worries lingered and the prospect of the U.K. leaving the European Union weighed heavily on investors. The August contract for global benchmark Brent was trading down 0.66% at $49.50 a barrel while July deliveries of its U.S. counterpart West Texas Intermediate was down 0.6% at $48.20 a barrel. That was exacerbated Tuesday when the American Petroleum Institute, an industry group, said its data showed a 1.2-million-barrel increase in crude supplies for last week. Official data from the Energy Information Administration will be released later today, with analysts surveyed by The Wall Street Journal expecting the agency to report that U.S. crude stockpiles fell by 2.1 million barrels for that week. If the EIA data confirms the expansion, it would be “a counter-seasonal build in stocks that at least interrupts the prior downtrend,” said Tim Evans, a Citi Futures analyst. The EIA was also […]