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Oil prices up as global markets recover post Brexit
Parvez Jabri
01 Jul, 2016
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Copyright AFP (Agence France-Presse), 2016
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![](https://i.brecorder.com/images/2016/07/oil-field-600-march.jpg">SINGAPORE: Oil prices rose in Asia on Friday as traders welcomed assurances from central bank around the world that they were ready to step in to prevent a global rout following Britain's vote to leave the European Union.</P><P>After the initial shock of last Thursday's referendum sparked a freefall, this week has seen a broad recovery across all asset classes.</P><P>South Korea has promised of $17 billion in stimulus and speculation swirls that Japan is planning to further loosen monetary policy while the chances of the US raising interest rates this year have all but evaporated.</P><P>On Thursday Bank of England boss Mark Carney hinted that policymakers were contemplating a cut in interest rates.</P><P>The news sent European and US shares soaring, and Asian traders picked up the baton Friday to press more gains.</P><P>The optimism filtered through to the oil market and at about 0650 GMT, US benchmark West Texas Intermediate for August delivery was up 22 cents, or 0.46 percent, at $48.55.</P><P>Brent for September, a new contract, rose 26 cents, or 0.52 percent, to $49.97.</P><P>)
