Crude oil price falls amid global turmoil on markets

Oil prices fell about 2% yesterday, weighed by a rallying dollar and continued market uncertainty over the UK’s shock vote to exit the EU.

Brent and US crude futures have lost about 7% since Thursday’s settlement after the so-called Brexit vote sent global risk assets plummeting as investors fled to safe havens such as the dollar, US Treasuries and gold.

Analysts at Goldman Sachs and other research houses sought to allay fears over the impact of the EU crisis on oil specifically, pointing out that the UK’s demand for fuel is negligible at the global level.