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Oil plunges 6% as Britain opts to leave the EU

Published 06/24/2016, 08:37 AM
Updated 06/24/2016, 08:37 AM

Investing.com- Oil prices plunged by up to 6% on Friday as Britain opted to leave the European Union.
U.S. crude for August delivery was down $2.39, or 4.77%, at $47.72 at 07:00 ET after a low of $46.75.
Brent crude shed $2.53, or 4.97%, to $48.38 after hitting an intraday low of $47.55.
The dollar index was up 2.7%, depressing demand for oil.
Financial markets were in disarray after the surprise outcome of the UK referendum.
The dollar fell below 100 yen for the first time since November 2013, while sterling lost as much as 11%.
A rate hike in the U.S. in the short term has been ruled out because of the referendum result.
Market players believe oil will return to an equilibrium price of $50 once the Brexit storm abates.
Oil prices had risen more than 30 percent this year before Thursday's UK vote.

Latest comments

Watch out for a company called Brand Energy. It looks like the next bankruptcy in oil-services. Their bonds were just downgraded deep into junk territory. That's always a bad sign. This would be the 2nd oil-related bankruptcy for their owner, Clayton, Dubilier, and Rice. CHC Helicopter filed for bankruptcy recently.. . Brand Energy is run by ex-GE people who have done a terrible job. Clayton, Dubilier, and Rice should replace them immediately. They should pay close attention to the Houston area especially and deal with the executives there..
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