Oil prices slipped on Monday

International benchmarks for oil prices continue to move lower on Monday (27 June) as worries about Britain's vote to quit the European Union continued to churn through markets. Pessimistic analysts are expecting oil prices to continue to move lower, reaching the $35/barrel threshold given signs that some suspended Nigerian oil production is returning to markets. However, others are opposing this opinion claiming the effect of Brexit might just result in 100,000-130,000 barrels drop in oil demand a day, compared with outages in Nigeria that are taking 400,000 barrels a day off the market. Stronger US dollars also contributed in the Monday setback in the oil prices.

WTI closed at $46.33/barrel (-$1.31) August delivery

Brent closed at $47.16/barrel (-$1.25) August delivery