Oil prices rally as Britain votes on EU exit
June 24, 2016 02:16
World oil prices rallied on Thursday, joining a buoyant mood on markets as investors grew confident that Britain would vote to remain in the European Union.
Markets tumbled last week after polls pointed to a win for the "Leave" camp in crucial referendum, but they have rallied over the past four days as the pro-EU campaign recovered momentum.
Some analysts warn that a British exit could see the country tumble into recession with global spillover effects.
US benchmark West Texas Intermediate for August delivery advanced 98 cents to $50.11 a barrel on the New York Mercantile Exchange.
In London, Brent North Sea crude for delivery in August, the global benchmark, jumped to $50.91 a barrel, gaining $1.03 from Wednesday's settlement.
"The reason we're up today is because we're less concerned about the Brexit," said Phil Flynn of Price Futures Group. "The reason we sold off yesterday was the concerns about demand in the future with this Brexit uncertainty."
The final results of the Brexit referendum are not expected until about 0800 GMT on Friday.
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