Market uncertainty drags oil prices lower

NEW YORK, July 25 (UPI) -- Pessimism about the market's trajectory combined with violence in Nigeria, an OPEC member, sent crude oil prices lower in early Monday trading.

A research note from Morgan Stanley finds that, in general, crude oil supplies are building as U.S. shale producers become more resilient during an era of lower oil prices and as Canadian disruptions from May wildfires in Alberta start to fade. Downside risks remain, meanwhile, to global economic growth because of the uncertainty in the European economy following the British vote to leave the European Union.

For the second half of the year, Morgan Stanley said it was expecting negative pressures to build, "hence our bearish oil bias."

http://www.upi.com/Market-uncertainty-drags-oil-prices-lower/2841469453255/?nll=1