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Big News Tuesday June 21, 2016
Oil prices see increase as Brexit ‘Remain’ gathers momentum
Oil prices rose by 3 percent on June 20 as Brexit continues to exert its influence. According to reports, the increase came about after polls showed a lower likelihood of Britain leaving the European Union. It was added that U.S. gasoline surged 5 percent as peak summer is expected to drive demand. Brent crude futures' front-month contract, August, reportedly went up by $1.48, or 3 percent, at $50.65 a barrel. It also saw a 7 percent increase since June 16. West Texas Intermediate (WTI) futures reportedly gained $1.39, or 2.9 percent, at $49.37 a barrel for the July front-month. Jim Ritterbusch of oil markets consultancy Ritterbusch & Associates said, “We are not expecting...Read more

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