The U.K.’s vote to end its membership in the EU has spooked investors, sapping appetite for assets viewed as risky, including stocks and commodities, amid the uncertainty surrounding the next step for Europe’s trade bloc.
“The unknowns surrounding the Brexit and chances that other countries may follow suit will be seen as a substantial headwind for risk assets, including oil in the near term, while demand for safe-haven assets such as gold GCQ6, +4.43% will remain elevated,” said Tyler Richey, co-editor of The 7:00’s Report.
August West Texas Intermediate crude CLQ6, -5.07% dropped $2.47, or 4.9%, to settle at $47.64 a barrel on the New York Mercantile Exchange. Prices logged their largest one-day percentage decline since early February.
Prices lost 0.7% from last Friday’s $47.98 settlement for the front-month July contract, which expired Tuesday. The August WTI contract itself, was down 1.9% for the week.
August Brent crude LCOQ6, -4.91% sank $2.50, or 4.9%, to end at $48.41 a barrel on London’s ICE Futures exchange. Prices haven’t lost this much, percentage-wise, in a single day since early May. They were around 1.6% lower for the week.
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