Brent and NYMEX weaken in Asia
On Monday, oil prices slumped during Asia trade because market participants kept demonstrating caution on the back of the Brexit’s sudden outcome last week, when the United Kingdom decided to break up with the European bloc.
In New York, August delivery crude futures hit $47.34 per barrel, showing a 0.63% tumble. Brent crude futures edged down 0.45%
Last week, crude prices dipped on Friday but then rebounded right after a shocking vote by Great Britain to exit the EU. The given event caused a broad based sell-off in global financial markets.
In general, Brent sagged 4.9% and NYMEX fell 5.09%. Those descends appeared to be the greatest one-day percentage drop for both contracts since February after Great Britain voted by almost 52% and 48% to leave the European Union, the number one trading bloc in the world.
David Cameron, the UK’s Prime Minister who had supported the failed Remain campaign, resigned after the Brexit’s outcome was officially announced.