Oil prices benefit from waning fears of a Brexit

Oil prices advanced higher in early Asian trade Monday as expectations for the U.K. to remain in the European Union continued to gather steam after the deadly attack on a pro-stay lawmaker last week.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in July CLN6, +1.69%  traded at $48.45 a barrel, up $0.47, or 1%, in the Globex electronic session. August Brent crude LCOQ6, +1.87%  on London’s ICE Futures exchange rose $0.38, or 0.8%, to $49.55 a barrel.

The referendum to be held on June 23, known as “Brexit”, will determine the fate of the U.K.’s membership in the bloc. Opponents of the referendum said a departure could stir up an economic storm for the U.K. as well as the European Union. One potential repercussion is that other European countries could follow suit.

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