Oil prices rallied on Thursday

International benchmarks for oil prices rallied on Thursday (24 June) as market was growing confident about the likelihood that UK would remain in the European Union and sent the dollar lower. However, pessimistic analysts warn that the global glut might come back into focus soon as last week’s US crude inventories data sparkled a possibly trend. Industry experts expected that a surge of imports from Canada and Saudi Arabia might limit the decline in stockpiles for this week.

WTI closed at $50.11/ barrel (+$0.98) August delivery

Brent closed at $50.91/barrel  (+$1.03) August delivery