From Wochit News:
Oil prices reversed gains to trade down on Monday, June 5, on concerns that the cutting of ties with Qatar by top crude exporter Saudi Arabia and other Arab states could hamper a global deal to reduce oil production. Reuters has reported that Saudi Arabia, the United Arab Emirates, Egypt and Bahrain closed transport links with top liquefied natural gas and condensate shipper Qatar, accusing it of supporting extremism and undermining regional stability. The move pushed Brent crude prices up as much as 1 percent, before paring gains to trade down 30 cents at $49.65 a barre. U.S. West Texas Intermediate futures were at $47.40 a barrel, down 26 cents.