Oil Hits Three Week Low as Brexit Weighs on Crude

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

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, he 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 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