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Oil prices bounce after six days of losses

18 June 2016 12:00 am - 0     - {{hitsCtrl.values.hits}}

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AFP - Oil prices rebounded with share markets in Asia yesterday following a six-session sell-off, with the dollar softening against most other currencies on easing concerns over Britain’s EU future.
After Thursday’s sharp losses, equities pushed higher Friday on bargain-buying while analysts said the killing of a pro-EU lawmaker had increased the odds Britons will vote to stay in the European Union next week.


The shooting of Labour MP Jo Cox -- by a man who reportedly shouted the name of a far-right, anti-EU group -- forced the cancellation until the weekend of campaigning for the referendum.
World markets have been in a tailspin for the past week as recent polling had indicated the exit camp would win the June 23 ballot.


“It’s evident that the rally is being entirely attributed to the belief that yesterday’s tragedy has increased the likelihood of the ‘Remain’ side holding sway in next week’s referendum,” Ray Attrill, co-head of currency strategy at National Australia Bank in Sydney, said.


All major markets in the region were solidly higher and the general easing of tensions over the British referendum saw traders move into riskier investments from the greenback, making oil cheaper for holders of other units.


At around 0700 GMT West Texas Intermediate rose 37 cents, or 0.80 percent, to $46.58, while Brent added 57 cents, or 1.21 percent, to $47.76.
By the close of trade Thursday WTI had plunged 10 percent in six days from last week’s 11-month high, while Brent had given up nine percent.

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