Home/Commodities/FX/Newsfeed

Oil Hits Three Week Low as Brexit Weighs on Crude

Share Print 0

Oil prices hit their lowest in more than three weeks on Thursday, the sixth straight day of losses and longest bearish run since early 2016, as U.S. crude stocks fell less than expected and concerns over Britain’s future in the EU weighed.

Brent crude futures, the global benchmark, have slipped 9 percent in just five sessions after touching an eight-month high of nearly $53 a barrel a week ago.

On Thursday, the contract fell 94 cents at $48.03 by 8:50 a.m. ET (1250 GMT). It fell as low as $48.14, the weakest level since May 24, and was set for the longest losing streak in five months.

Front-month U.S. crude futures were down 96 cents, or 2 percent, at $47.05 a barrel, near a one-month low for the session.

via CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

,
Back to Top