Oil falls

Reuters

Tokyo

Oil prices fell in Asian trade after a strong two-day rally that was fed by easing concerns Britain would leave the European Union after a referendum this week, allowing market participants to focus on supply issues.

U.S. crude´s expiring July front-month contract was down 41 cents at $48.96 a barrel at 0650 GMT.

The more actively traded August contract, the new front-month from Wednesday, was down 41 cents at $49.55. That contract settled up nearly 3 percent at $49.96 on Monday. 

Brent crude futures´ August front-month contract was down 52 cents at $50.13 a barrel.

On Monday, it climbed $1.48, or 3 percent, to $50.65 a barrel. 

The contract has risen about 7 percent since Thursday´s settlement, after dropping 10 percent in six previous sessions.