Oil down 5 percent; biggest drop since Feb on Brexit, supply builds

By Barani Krishnan

NEW YORK (Reuters) - Oil prices tumbled 5 percent on Tuesday, with U.S. crude heading for its largest daily decline in five months, as investors worried that Britain's exit from the European Union would slow the global economy.

Data showing higher supplies, including an inventory build at the delivery hub for U.S. crude futures, also pressured oil prices.

Brent crude was down $2.35, or 4.7 percent, at $47.75 a barrel by 12:47 p.m. EDT (1647 GMT).

U.S. crude fell $2.40, or 5 percent, to $46.59. That was the biggest one-day percentage drop for U.S. crude since Feb. 9, Reuters data showed.

Brexit worries hit Britain's property market and drove the pound to a 31-year low. A flurry of data from China in the coming weeks is expected to show weakness in trade and investment.

Traders also cited data from market intelligence firm Genscape showing a build of 230,025 barrels at the Cushing, Oklahoma storage hub for U.S. crude futures, during the week to July 1.

(Additional reporting by Alex Lawler in LONDON and Henning Gloystein in SINGAPORE; Editing by David Gregorio and Cynthia Osterman)