Oil rises slightly

Reuters

Tokyo

Oil prices were up slightly on Thursday, shrugging off a smaller-than-expected decline in U.S. stockpiles, as the market nervously awaited the result of Britain's "Brexit" vote.

Trading has been choppy in the run up to Thursday's vote on whether Britain leaves or stays in the European Union (EU), although markets appear to have largely priced in a "Remain" vote.

Brent's front-month August contract LCOc1 was up 5 cents at $49.93 a barrel at 0654 GMT. It closed down 74 cents, or 1.5 percent, at $49.88 a barrel on Wednesday.

U.S. oil CLc1 was up 1 cent to $49.14 a barrel, after slipping lower earlier. Both contracts were up for most of the day in Asian trading.

Once the Brexit vote is out of the way the oil market is likely to switch its focus to fundamentals, turning its attention to more potential supply disruptions that have sent prices higher this year.