On Thursday, during early Asia trade, Brent, international crude benchmark capped below $50 per barrel as market participants stood on sidelines ahead of the UK’s referendum as for its further EU membership. Furthermore, crude prices were also weighed by the prospect of bigger oil stocks in America.
In New York, July delivery sweet, light crude futures were worth $48.39 per barrel, showing a 1% sag, while August delivery Brent crude futures dipped 0.9%, trading at $49.92 per barrel.
Meanwhile, Asian stocks traded mostly lower on the surging suspense of the June 23 referendum, dubbed Brexit. On this referendum, British voters are expected to finally decide whether Great Britain should remain in the European Union or not. Japanese Nikkei Stock Average sank 1.4%, Australian S&P/ASX 200 sagged 2%, while Korean Kospi lacked 0.3%.
Apart from that, uncertainty before three major bank monetary policy gatherings this week in Great Britain, Japan and the USA, will probably weigh on investor sentiment.