Oil Falls on Improving Supply Outlook

Oil prices fell on Thursday as the prospects for supply improved while the economic outlook darkened, but analysts said they still expect prices to rise in the second half of the year. 
Brent crude futures LCOc1 were trading at $50.19 per barrel at 0655 GMT, down 42 cents, or 0.83%, from their last settlement. US crude CLc1 was down 37 cents, or 0.74%, at $49.51 a barrel. 
The lower prices were a result of a higher supply outlook as well as concern over a slowing economy, compounded by Britain's vote to leave the European Union. 
"With a ceasefire in Nigeria and Canadian wildfires (receding) oil prices may come under pressure," ANZ bank said. 
"The vote to exit adds further to uncertainty in the global economy." US crude stockpiles fell 4.1 million barrels in the week to June 24, the sixth consecutive week of drawdowns, to 526.6 million barrels, according to the US Energy Information Administration.