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Oil prices decrease by 2% as dollar goes up, Brexit consequences still uncertain



Prices for crude oil dropped by almost 3% on Monday, with Brent reaching the lowest level in seven weeks, as dollar went up and Britain's exit from the European Union threatened to affect oil prices.



27.Jun.16 10:49 PM
By Anastasia Sutulova
Photo Toinnov.com

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Oil prices decrease by 2% as dollar goes up, Brexit consequences still uncertain

Brent and U.S. crude have decreased by almost 8 percent since Thursday after the United Kingdom voted to leave the European Union. Brent lost $1.25, or 2.6 percent, and stopped at $47.16 a barrel. It fell to the lowest level in seven weeks. U.S. crude dropped by $1.31, or 2.8 percent, to settle at $46.33.

However, it is worth noting that since February oil has maintained a broadly upward momentum. Probably this is why analysts form Goldman Sachs and a few other research agencies believe that the impact of the Brexit on oil is overestimated. 

According to Aeconomy, it was calculated that even if U.K. economic growth drops by 2 percent, Britain's oil demand would likely be reduced by only 1 percent or 0.016 percent of global demand.




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