Oil extends rebound on weak dollar, easing fears of Brexit

AFP, SINGAPORE:  Oil prices extended gains in Asia yesterday  thanks to a weaker US dollar and easing fears of Britain’s exit from the European Union.
The dollar fell for the fourth day in a row on Monday, trading lower against most major currencies, making dollar-priced oil cheaper for those using other currencies.
At about 0710 GMT, US benchmark West Texas Intermediate for July delivery was up 53 cents, or 1.10 per cent at $48.41 a barrel.
International benchmark North Sea Brent for August delivery was up 58 cents, or 1.18 percent, at $49.75 a barrel.
The commodity is recovering after seeing sharp spikes and dips in the past fortnight in a jittery market.
US crude last week plunged nearly 10 per cent in six days after hitting 11-month highs the previous week, while European Brent had given up nine percent.

Oil extends rebound on weak dollar, easing fears of Brexit

AFP, SINGAPORE: Oil prices extended gains in Asia yesterday thanks to a weaker US dollar and easing fears of Britains exit from the European Union. The dollar fell for the fourth day in a row on Monday, trading lower against most major currencies, making dollar-priced oil cheaper for those using other currencies. At about 0710 GMT, US benchmark West Texas Intermediate for July delivery was up 53 cents, or 1.10 per cent at $48.41 a barrel. International benchmark North Sea Brent for August delivery was up 58 cents, or 1.18 percent, at $49.75 a barrel. The commodity is recovering after seeing sharp spikes and dips in the past fortnight in a jittery market. US crude last week plunged nearly 10 per cent in six days after hitting 11-month highs the previous week, while European Brent had given up nine percent.