Oil ends at 2-week high on bets U.K. will reject Brexit

Oil futures settled at their highest level in two weeks on Thursday, with U.S. prices reclaiming $50 a barrel as voters went to the polls in a landmark British referendum to determine whether the U.K. remains a member of the European Union.

Investors are wagering that support for the U.K. to stay in the 28-nation bloc has gained traction, stoking appetite for assets perceived as risky, including oil futures.

Oil prices also got an added boost late in the trading session from reports of a fresh pipeline attack in Nigeria. The attack “dashed hopes that a cease-fire will hold,” said Phil Flynn, senior market analyst at Price Futures Group.

“Nigerian oil production has been near multi-decade lows and a resumption of attacks make it difficult to believe that it will get better soon,” he said.

August West Texas Intermediate crude CLQ6, -5.01%  rose 98 cents, or 2%, to settle at $50.11 a barrel on the New York Mercantile Exchange. August Brent crude on London’s ICE Futures exchange LCOQ6, -5.03%  rose $1.03, or 2.1%, to $50.91 a barrel.

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