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Oil extends its revenues as Brexit fears ease

On Monday, oil extended its revenues during Asia trade because a weaker greenback as well as easing concerns the UK’s probable exit from the European Union helped to back up oil.

August delivery London Brent crude futures traded at $49.51 per barrel, showing a 34-cent surge. July delivery NYMEX crude futures soared 44 cents, trading at $48.42 per barrel. 

Campaigning for the UK’s vote on the EU membership resumed on Sunday after a three-day pause prompted by the murder of a pro-EU lawmaker. 

Three opinion surveys ahead of Thursday’s vote revealed that the “Remain” camp reviving some momentum, though the overall picture was still one of an evenly split electorate.      

The British pound dared to soar against the evergreen buck from $1.4350 to $1.4450. The Japanese yen stuck to its two-year peak against the greenback.     

Crude prices kept recovering notwithstanding data showing American energy companies adding crude rigs for a third week in a row, dropping a hint at higher output. 

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