Oil prices rebound after landing by the British referendum

Sunday, June 26, 2016 - 9:05

Oil prices rebounded somewhat after the sharp decline that took place in the wake of Britain's announcement of the results of the referendum, which took place on June 23.

The price of the global London Brent crude futures to $ 48.41 a barrel at the settlement, on Friday evening, after it fell to $ 47.54 in morning trading on the same day. The price of US crude rose to $ 47.64 a barrel at the settlement after falling below $ 46 in early trading.

These fluctuations came after the British voted for the exit from the European Union in a historic referendum called Brexit caused a wave of risk aversion and the search for safe-haven investments like the US dollar.

And make a stronger dollar oil and other commodities denominated in the US currency more expensive for holders of other currencies.