Oil rises with bargain hunting after Britain out of the European Union
Oil rises with bargain hunting after Britain out of the European Union Published on: Today, 14:23
BAGHDAD / Sky Press
Oil prices rose Tuesday above $ 48 a barrel, with the trend of investors to take advantage of a two-day retreat in crude prices after Britain vote for the exit from the European Union.
According to "Reuters", the result of the vote has caused sharp declines in currencies and global equity markets is that oil losses were limited by expectations of strong demand in the summer in Asia and the United States as well as the weakness of supply after two years of low prices.
And it portends an imminent strike in a number of Norwegian oil and gas fields, shrinking production in the largest oil producer in Western Europe, which gave support prices also today.+
By 0836 GMT, it was the World London Brent crude traded in the futures up 2.3 percent or $ 1.08 to $ 48.24 a barrel.
And increased WTI futures also 2.3 percent or $ 1.06 to $ 47.39 a barrel.
Sterling Financial Times index of 100 British and recovered too much on hopes of a coordinated move by the central bank in response to the losses suffered by the financial markets.
Said Carsten Fritsch, analyst at Commerzbank, "oil bank is recovering due to some bargain hunting after it proved to be a drop below $ 47 a barrel is unsustainable and news of a possible strike in the Norwegian oil and gas sector."
Oil fell more than seven percent in the previous two sessions on the back of Britain vote for the exit from the European Union, which led to a decline in investors' appetite for commodities, which are volatile, such as oil.