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Oil settles lower after 2-day rally

Oil prices fell 2 percent on Tuesday as investors took profit from a two-day rally fueled by speculation Britain will stay in the European Union.

Futures pared some losses after rebels sabotaging Nigeria’s crude exports denied reports it had agreed to a one-month ceasefire deal.

Government officials earlier told Reuters a one-month ceasefire had been agreed last week following talks between the oil minister, community groups and state governors in the Niger Delta, the source of most of Nigeria’s crude oil.

The denial came in a Twitter post from an account that has long been tied to the Avengers. In recent days, the Avengers have begun to lay out the terms under which they would hold talks with the government.

Brent crude August futures were down 12 cents, or 0.24 percent, at $50.51 a barrel by 2:36 p.m. EDT, after falling to $49.46 earlier. The contract had gained 7 percent in the last two sessions.

U.S. crude’s expiring July front-month contract settled down 52 cents, or 1.05 percent, at $48.85 a barrel. The more actively traded August contract, the new front month from Wednesday, was down 22 cents at $49.74.

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