Oil futures drop nearly 5% after Brexit vote

Oil futures settled with a loss of almost 5% on Friday as the U.K. voted to leave the European Union, raising concerns over the implications for global economies and the potential for a slowdown in energy demand.

August WTI crude CLQ6, +0.50% settled at $47.64 a barrel on the New York Mercantile Exchange, down $2.47, or 4.9%.

For the week, futures prices lost 0.7%.

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