Crude oil futures surged higher Monday, helped by demand hopes and a weaker U.S. dollar.
Markets turned hopeful after a number of polls hinted that UK voters will reject a proposal to leave the European Union.
There is now optimism that Europe can avoid any potential problems rooted in such a break up.
July WTI oil settled at $49.37/bbl, up $1.39, or 2.9%.
An expected rise in U.S. rig counts put a cap on the day’s advance. Analysts say output from the U.S., Canada and Iran will rise as companies rush to capitalize on oil near $50.
The material has been provided by InstaForex Company – www.instaforex.com