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Brexit: what impact for oil?

The UK’s vote has spooked crude, equity and currency markets. More volatility is likely

ON its own, Brexit's direct impact on oil prices might be negligible. Indirectly, the UK's vote to leave is another headwind for the oil market’s fragile recovery. One of the world's biggest economies could contract, the US dollar is strengthening and political risk across the rest of the EU will inevitably rise. Thus, the wider macroeconomic impact of Brexit could stall the oil market’s delicate rebalancing. In a tight race, the UK decided to end its 43-year membership of the EU on 23 June. It was a narrow - and unexpected - victory for the leave camp, with 52% of the 30m voters opting to leave the bloc. The political bloodbath is underway. UK prime minister David Cameron has already res

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