Oil Rebounds as Post-Brexit Stress Eases, Strike Looms in Norway
Crude oil rebounded yesterday as the bewilderment caused by Britain’s vote to exit the Eu started to subside and as the threat of a strike in Norway’s oil industry reared its head.
Brent crude closed at $48.61 a barrel, up 3%, after touching an intraday high of $48.58. WTI gained 3.3% to close at $47.85, after spiking to $47.81.
Crude Plummets Following Brexit
Crude oil tumbled to $47 following Thursday’s referendum in Britain, which saw a tiny Leave majority win over the Remain camp.
Brent was trading at $47.78 a barrel in morning trade in Asia, after closing at $48.41 on Friday. WTI changed hands at $47.31, down from Friday’s close of $47.64.
Oil Up on Brexit, Supply Draw in US
Crude oil was up on Monday as the chances of Britain deciding to stay in the EU were seen as growing and as inventories at Cushing, Oklahoma declined by over 500,000 barrels.
Brent closed at $50.65 a barrel, up $1.48, and WTI settled at $49.37, up $1.39, Reuters reports. Prices are seen to remain stable unless Briton actually vote to leave the union.
In terms of fundamentals, the market is slipping