To Innovation - Breaking Politics, Economics, Crypto & IT News

learn more
Reporting from Watford, UK and LA, US since 1996
learn more




TOP STORIES
Starbucks is not accepting Bitcoin, but builds an exchange

It will generally allow the crushed and boiled crypto investments to be converted to the crushed an...



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

   280

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.




Back to the list


Related Information: