LONDON: Crude oil traded near US$48 per barrel as market volatility continued after the UK last week voted to leave the EU. Futures pared a loss of as much as 1.5 percent to trade little changed in New York after slumping 4.9 percent on Friday last week, the biggest drop in four months.
Oil prices might plunge further if the shock of the UK’s vote to exit the EU is combined with a boost in output, Russian Energy Minister Alexander Novak said. Oil capped a second weekly drop on Friday last week as prices slid with industrial metals and European equities after the UK voted to quit the EU following more than four decades of membership.
Nigerian output might return to about 2.2 million barrels a day next month after the repair of a pipeline as talks with militants continue, Nigerian State Minister for Petroleum Resources Emmanuel Ibe Kachikwu said.
