Oil prices stabilise

Reuters

Singapore

Oil prices stabilized on Monday as market participants better absorbed the shock of last week´s vote in Great Britain to leave the European Union and recognised the referendum would have little effect on global fuel demand.

Brent crude futures were trading at $48.76 a barrel by 0650 GMT on Monday, up 35 cents from their last settlement.

U.S. crude was up 18 cents at $47.81 a barrel.  Both crude benchmarks had fallen around 5 percent on Friday amid plunging global financial markets as results from a referendum defied bookmakers´ odds to show a 52 percent to 48 percent victory for the campaign to leave a bloc Britain joined more than 40 years ago.

But oil stabilized on Monday as analysts said that Britain´s exit from the European Union would have very little impact on physical oil trading.