There has been much speculation about how Brexit is and will affect numerous global markets, and the one we have been reading about and watching closely is, of course, the oil market.
In this article, Business Insider reports on what we see thus far. Just as oil prices seemed to start their path toward stabilization, Brexit seems to have re-introduced oil price volatility. Investor concerns about how the UK leaving the EU would affect global trade and growth dragged down both oil and other markets.
The combination of Brexit uncertainties and high production figures have together led to big firms like Barclays and JP Morgan to advise their clients that “uncertainty around global growth will hit already shaky demand for the black stuff”. It has been tough enough for the industry with already lackluster growth in oil, but adding Brexit on top of those already-present issues surely does not help.
Check out the rest of the Business Insider article for more specific figures and data.