Oil surges for the first time in seven days
On Friday, oil futures edged up during early Asia trade. It appeared to be the first commodity’s leap for up to seven days as financial markets took a breather from worries regarding the impact of the UK’s probable exit from the EU.
Brent crude futures gained 0.8%, trading at $47.57 per barrel, having tumbled 3.6% last trading session. The given contract has found itself on track to sag more than 5.5% for the week.
Meanwhile, US West Texas Intermediate oil futures climbed up 0.6%, being worth $46.48 per barrel. During the previous trading session, the contract lost 3.8%.
The British pound managed to ascend from its two-month minimum after campaigning for next week's referendum dubbed Brexit was suspended due to Thursday’s murder of Jo Cox, the British member of parliament, who was a vocal advocate for the UK to stay in the European Union.
Commodities across the board also reported revenues, while equity benchmarks including Japanese Nikkei stock average edged up.