Oil prices surged on Friday

International benchmarks for oil prices firmed up on Friday (1 July) on subsiding fears about the impact of Brexit on crude demand. Analysts are expecting the spinoff of Britain economy might only generate limited impact on the overall growth that could cut oil demand substantially. Market are still looking at a bright prospect for oil prices in months ahead if oil output continues to decline in the US as the country shred 220,000 barrels a day in April, which was the largest decline since September 2008, WSJ reported.

WTI closed at $48.99/barrel (+$0.66) August delivery

Brent closed at $50.35/barrel (+$0.64) August delivery