24.06.201615:03:00UTC+00Crude Oil Plunges Almost 5% In Brexit Tantrum

Crude oil prices plunged Friday amid demand concerns as the UK voted to leave the European Union.

Global stocks were battered, with the worst bludgeoning in Europe and England.

Losses have accelerated after a brutal open, pushing the major stock-market indexes to the lowest levels of the day.

August WTI oil settled at $47.64/bbl on Nymex, down $2.47, or 4.9%.

Despite the whopping decline, oil was down only 0.7% for the week.

The news from Europe overshadowed a Baker Hughes report showing US rig count fell 7 to 330.

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