Oil prices fell almost a percent on Monday, continuing distinct declines after the United Kingdom’s vote to exit the EU triggered a significant selloff in global markets on Friday in order to avoid risks.
London Brent crude declined 24 cents at $48.17 a barrel on Sunday from the $48.41 on Friday. NYMEX crude fell 26 cents at $47.38 a barrel after settling at $2.47 or 4.9% on Friday. The decline of the British pound during early Asian trading on Monday also added pressure to oil prices as investors struggle to determine the next step after the Brexit.
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