Oil prices fall on the eve of U.S. holiday after eight days of increase

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Brent crude futures had fallen 13 cents, or 0.3 percent, to $49.55 per barrel; WTI crude futures were trading down 9 cents, or 0.2 percent, at $46.98 a barrel.

The falls happened after the 21st of June, both benchmarks rebounded about 12 percent from their recent lows.

On July 4, many traders closed positions before the holiday of the Independence Day of USA. Traders said, Brent also faced technical resistance as it approached $50 a barrel.

BMI said it expected Brent to average $54 per barrel in the second half of this year, and to average $55 a barrel in 2018. It is expected that WTI will average $ 51 in the second half of 2017 and $ 52 next year.

On Tuesday, ANZ Bank said that failures in production and drilling in the United States were a small but significant shift in the dynamics in the oil market and that it would take some of the pressure on OPEC efforts to combat excess demand.

OPEC is tender to the tightening of oil markets by pledging to keep approximately 1.2 million bpd of output in the period from January this year until March 2018.

Its efforts were undermined by the growth of production from Libya and Nigeria, which are exempt from the cuts, which helped to increase the June issue of the group to the level in 2017 - 32.57 million Barrels per day, which is 820 000 barrels per day above the supply target.