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Crude Oil Continues to Feel Impact of Brexit Vote

June 27, 2016 at 22:54 by Vladimir Vyun

Futures for crude oil sank today as the impact of Britain’s decision to exit the European Union continued to rock markets. Traders were sticking to safer assets like the US dollar and gold. Consequently, riskier commodities were hurt by the lack of demand for speculators and the pressure from the strong US currency.

Market participants were also pondering what a long term effect for energy prices will be. Considering talks about a new recession, it is not likely to be good. Crude tend to experience limited demand in times of slow growth, let alone recession.

August futures for WTI crude oil started Tuesday’s session moving higher by 0.69% to $46.65 per barrel on NYMEX after falling 2.8% to $46.33 on Monday. Contract for Brent crude was down as much as 2.58% to $47.16 per barrel as of 22:45 GMT on ICE today.

If you have any questions and comments on the commodities today, use the form below to reply.

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