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Oil markets slump on Brexit

by ChemOrbis Editorial Team -
  • 24/06/2016 (14:17)
According to media reports, the United Kingdom is poised to leave the European Union following a referendum on June 23. Officials reported that "Leave" votes gained 51.9% of the ballots against 48.1% for "Remain” votes.

What happens now? Currently, global markets are gauging the effects of the Brexit on the global economy as well as on social and financial policies of both the UK and the EU. Previously, the UK’s Prime Minister, David Cameron pointed out several economic and security risks in case of an exit. He also warned that the UK economy would see a sharp decline.

In global crude oil markets, meanwhile, WTI crude oil prices are currently trading at $48.31/barrel, down around $1.80/barrel from the previous day’s settlement of $50.11/barrel while Brent crude oil futures also fell to $49.12/barrel in intraday trading from Thursday’s settlement of $50.91/barrel amid global uncertainties and huge volatility in global financial markets. This also caused several petrochemical companies to suffer in stock markets.

After the UK voted to leave the EU, the pound lost more than 10% of its value, posting its lowest point since 1985 while also resulting in a fluctuation in other currencies. The euro to dollar exchange rate has also fallen around 2.1% to be currently traded at a level of 1.11.
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