Oil extends slide on worries about impact of Brexit

SINGAPORE, Singapore—Oil prices suffered fresh losses in Asian trade Monday as the fallout from last week’s decision by Britain to leave the European Union batters confidence and ushers in a period of uncertainty.

Global markets took a beating Friday, with some $2.1 trillion wiped off valuations and the British pound plunging to 31-year lows against the dollar, while oil prices slumped more than five percent.

And on Monday crude fell further. At about 0400 GMT, the US benchmark West Texas Intermediate fell 26 cents, or 0.55 percent, to $47.38 and Brent shed 15 cents, or 0.15 percent, to $48.26.

Read more here.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s