Home Stock & Shares Oil prices rise amid global stocks surge

Oil prices rise amid global stocks surge

by Jonathan Adams
Oil prices

Oil prices started the week higher on Monday as global stock markets soared on growing expectations that the U.K. is likely to remain in the European Union after this week’s referendum.

Brent crude, the global oil benchmark, flirted with the key $50 (£34.13) a barrel mark, rising 1.6% on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 1.6% at $48.75 (£33.27) a barrel.

Opinion polls published over the weekend suggest that the U.K. was more likely to vote to remain in the EU in Thursday’s referendum. A poll by Survation published in the Mail on Sunday newspaper showed 45% backing for remaining in the EU and 42% in favour of leaving. A poll-of-polls, averaging the past six polls in the U.K. vote, has returned to 50/50, while the bookmakers’ odds for Brexit fell sharply from last week.

The Stoxx Europe 600 jumped 3.4%, extending Friday’s momentum, while the British pound surged 2.1% against the dollar. That followed gains in Japan and Hong Kong.

This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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