Oil prices fell Tuesday as concerns over the global economy led speculative investors to exit the market. The global benchmark, Brent, was trading down 0.25% at $48.97 a barrel in midday trading in London. Its U.S. counterpart, West Texas Intermediate, was down 2.7% at $47.67 a barrel. Trading in global markets was thin, after U.S. trading had been closed on Monday for Independence Day. The number of financial traders betting speculatively on oil has reduced, causing oil prices to tumble as positions are sold off. The reduction was likely triggered by Britain’s decision to leave the European Union, which has cast a cloud of uncertainty over financial markets and discouraged speculators from investing their money in riskier assets such as oil. “The decline in oil prices in the wake of the vote is doubtless attributable to speculative selling,” Germany-based Commerzbank said. “At 335,000 contracts, speculative net long positions in […]