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Oil prices rally as Brexit fears ease

Xinhua, June 21, 2016 Adjust font size:

Oil prices ended higher on Monday 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.

New polls released over the weekend showed those wanting to stay in the European Union holding a slim majority over the Leave campaign, according to media reports on Monday. The polls indicated a swing back to "Remain" after the killing of British politician Jo Cox.

Oil prices were also supported by a weaker dollar on Monday. The dollar index, which measures the greenback against six major peers, was down 0.57 percent at 93.670 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 1.39 U.S. dollars to settle at 49.37 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery increased 1.48 dollars to close at 50.65 dollars a barrel on the London ICE Futures Exchange. Enditem