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.

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