Oil goes up ahead of Brexit outcome

On Thursday, crude prices edged up, as market participants mostly stood on sidelines ahead of Brexit’s outcome.

Recent surveys revealed that the race between the Leave and Remain campaigns appeared to be a serious reason for anxiety in the financial markets.    

In London, August delivery Brent oil gained 0.46%, trading at $50.11 per barrel.

On Wednesday, London-traded Brent futures slumped 1.46%. It’s because traders counted down to the approaching British vote to decide whether they should remain in the EU or not.

Elsewhere, in New York, July delivery crude futures soared 0.43%, trading at $49.34 per barrel.

Yesterday, New York-traded crude prices slumped 1.44%, when data demonstrated that crude supplies in America dipped much less than expected the previous week.

The US Energy Information Administration informed in its weekly report that the previous week crude oil inventories went down by approximately 0.9 million barrels, hitting 530.6 million. 

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