General World News

Brexit fears and production highs crushed the oil market


Oil is getting volatile again.

The price of oil fell heavily in overnight trading on Tuesday as Brexit worries, combined with indications that output by the Organization of the Petroleum Exporting Countries (OPEC) hit a record high in June, weighed on the market.

Brent crude lost 4.3% and then steadied at just over $47 a barrel, while West Texas Intermediate was flat at $46.61, having slid 5% overnight.

Here is the Brent chart:

Investor concerns about the impact of Britain’s decision to leave the European Union on global trade and growth dragged down markets on Tuesday, and oil was no exception.

The market was also read more >>>

Source:: BusinessInsider.Com