Off the wire
• Paraguay says Venezuela unsuitable to take rotating presidency of Mercosur  • Brazilian police disband corruption ring  • German manufacturers' export expectations rise significantly in June: Ifo  • Slovakia opens new business center mostly for Chinese firms  • U.S. stocks rebound after Brexit-related selloff  • UN chief condemns suicide bombings in Lebanon's border town  • Queen Elizabeth in line for 72,000 USD a week pay rise  • Dutch parliament rejects motion for Nexit referendum  • Gold falls as U.S. equities market stabilizes  • UN aid convoy reaches hard-to-reach areas in Syrian city of Aleppo  
You are here: 　 Home

Oil prices increase after two-day slump

Xinhua, June 29, 2016 Adjust font size:

Oil prices gained on Tuesday after slumping for two sessions on Britain's surprise vote to leave the European Union.

Oil prices suffered the biggest two-day loss since February as the Brexit vote spurred market concerns about the economic stability of the UK and euro zone, triggering massive risk aversion among investors.

Crude prices recovered on Tuesday as European Union leaders gathered in Brussels for a two-day meeting to discuss Britain' s decision to leave the bloc, raising speculations that policy makers may take measures to limit the economic fallout.

Oil prices were also supported by a weaker U.S. dollar on Tuesday. The dollar index, which measures the greenback against six major peers, was down 0.25 percent at 96.301 in late trading.

A weaker U.S. dollar boosts investor sentiment, as it makes the dollar-denominated oil more attractive for holders of other currencies.

The West Texas Intermediate for August delivery gained 1.52 U.S. dollars to settle at 47.85 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery added 1.42 dollars to close at 48.58 dollars a barrel on the London ICE Futures Exchange. Endit