Oil prices dipped on Friday

International benchmarks for oil prices experienced a wide sell-off on Friday (10 June) as investors secure profit ahead of the Fed meeting and the Britain's vote on leaving the European Union next week. Concerns over the global economic outlook push traders to reduce risk exposure. Besides, drilling activities in the US is picking up with the total number of active rigs up three last week, the second straight increase, Baker Hughes Inc. said Friday. Analysts are expecting US production to stabilise, not continue to drop, which might threaten price recovery.

WTI closed at $49.07/barrels (-$1.49) July delivery

Brent closed at $50.54/barrel (-$1.41) August delivery