Oil price rises to $48
World oil prices rebounded Friday from six straight sessions of losses, as investors eyed rising global equities and increasing risk appetite on receding Brexit concerns, dealers said.
At about 1100 GMT, Brent North Sea crude for delivery in August was up 99 cents at $48.18 a barrel.
US benchmark West Texas Intermediate for July delivery won 73 cents to $46.94 a barrel compared with Thursday’s close.
“Oil prices are bouncing back… after falling for six straight days, and also because of the small but general improvement in risk sentiment since Thursday afternoon in response to receding Brexit concerns,” said City Index analyst Fawad Razaqzada.
The market was also buoyed by a softer greenback, which makes dollar-denominated commodities cheaper for buyers using rival currencies.
Crude futures had tumbled on Thursday as fears mounted about next week’s vote in Britain on membership of European Union, sending investors fleeing to the safety of the dollar.
With the British referendum just a week away, polls were showing the June 23 vote too close to call and momentum behind the “Leave” campaign.
However, global equities rebounded Friday on bargain-buying, as many analysts said the killing of a pro-EU British lawmaker had increased the odds Britons will vote to stay in the European Union next week.
The shooting of Labour MP Jo Cox — by a man who reportedly shouted the name of a far-right, anti-EU group — forced the cancellation of vote campaigning until the weekend.
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