Oil prices increased on Friday

International benchmarks for oil prices increased on Friday (17 June) on easing fears of a potential decision by Britain to exit the European Union. The market has also buoyed by a weaker US dollar, which makes crude oil cheaper for buyers using other currencies. Analysts however, believed that the current rally might not be sustainable with Canada resume production after massive wildfires and the possibility of talks between militant Nigerian groups and the government that could end attacks on oil infrastructure.

WTI closed at $47.98/barrel (+$1.77) July delivery

Brent closed at $49.17/barrel (+$1.98) August delivery