Oil tumbled on Friday

International benchmarks for oil prices tumbled on Friday (27 June) as Britain surprised vote to leave the European Union, deepened worries that global economies could slow further. Experts forecasted that the split will hit Britain's economy significantly, possibly driving it into recession next year, and dragging down European growth overall. Market confidence has been shaken and without any solid physical support, trader might race to sell off. In another news, the number of active oil rigs in the US dropped by 7 last week to 337 after three consecutive weeks of gains. This has somehow limited the extend of oil price reduction as traders are holding on hope that world oil production decline with natural declines.

WTI closed at $47.64/barrel (-$2.47) August delivery

Brent closed at $48.41/barrel (-$2.50) August delivery