Oil prices fell in Asian trading amid wider market turmoil set off by mounting concerns over the economic impact of Britain's vote to leave the European Union.

  US crude was down 23 cents at USD 46.37 a barrel at 0158 GMT. The contract fell 5 % to end at USD 46.60 on Tuesday as US investors digested news of an OPEC increase in production after the July 4 holiday on Monday closed trading.

Brent futures were down 18 cents at USD 47.78. On Tuesday they settled down 4.3 % at USD 47.96 a barrel. 

Oil prices are up almost 80 % from 12-year lows of around USD 27 for Brent and USD 26 for US crude in the first quarter and they are ripe for supply shocks just as the so-called Brexit vote came as a body blow to global growth hopes.

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