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Oil prices rally as Brexit fears ease

Xinhua, June 18, 2016 Adjust font size:

Oil prices ended higher on Friday as investors' appetite for riskier assets like oil increased after concerns about Britain's possible exit from the European Union diminished.

A referendum will be held on Thursday to decide whether Britain should leave or remain in the European Union. Both sides in the referendum battle halted their campaign on Thursday after Labor Party member Jo Cox, who were advocating for Britain remaining in the union, was murdered.

Analysts said market anxiety about a possible Brexit eased after the tragedy.

Oil prices were also supported by a weaker dollar on Friday. The dollar index, which measures the greenback against six major peers, was down 0.48 percent at 94.111 in late trading.

A weaker U.S. dollar lifted investor sentiment, which made the dollar-denominated oil more attractive for holders of other currencies.

The West Texas Intermediate for July delivery added 1.77 U.S. dollars to settle at 47.98 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery increased 1.98 U.S. dollars to close at 49.17 dollars a barrel on the London ICE Futures Exchange. Endit