New York: Oil prices extended losses as the market remained volatile after Britain voted to leave the European Union in a historic referendum.
The West Texas Intermediate for August delivery on Monday lost $1.31 to settle at $46.33 a barrel on the New York Mercantile Exchange, while Brent crude for August delivery decreased $1.25 to close at $47.16 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.
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The Leave camp won Britain’s Brexit referendum on Friday by obtaining nearly 52% of ballots, pulling the country out of the 28-nation European Union (EU) after its 43-year membership.
Oil prices were also under pressure by a much-stronger US dollar on Monday. The dollar index, which measures the greenback against six major peers, was up 1.16% at 96.559 in late trading.