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Fri 24 Jun 2016, 07:52 GMT

Market Briefing


UK leaving EU gives global markets turmoil.

UK leaving EU gives global markets turmoil

Along with a row of other commodities, oil prices are slipping as investors flee into safe havens after the UK voted to leave the European Union. The GBP fell more than 10% on the news and markets are trying to find their feet this morning.

The Brent oil price has dropped around $2 at time of writing and we could see some additional short-term drops until the UK situation becomes clearer. Next step for UK and EU will be exit negotiations which could take years. Prime Minister Cameron has just announced that he will resign and make room for a new Prime Minister within a few months.

Summing it up, we will likely see high volatility in oil prices as focus remains on the uncertainty of the UK financial situation. Right now, the drop in oil prices does not seem quite as steep as stocks and equities, so could be that they are a bit more resilient to the turmoil.

Due to the extraordinary global financial situation, we will issue a second Market Briefing later today with further updates.

BP  
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Three Japanese companies are collaborating to bring hydrogen propulsion to a dining cruise ship due to enter service in 2027.




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