Oil prices trim losses, but Brexit worries waiting in the wings

Crude oil prices took a positive turn in early Asia trade Friday, pushed by bargain-hunting and speculative trades, but analysts warn that suspense around U.K.’s future in the European Union is still spooking investors.

U.S. crude for July delivery CLN6, +0.82%   was up $0.29 or 0.6% at $46.50 a barrel on the New York Mercantile Exchange, after posting its largest one-day loss since April overnight, resulting in a 5.2% decline for the week. Brent LCOQ6, +1.25% the global benchmark was last up $0.41 cents or 0.9% at $47.60 a barrel. It has dropped nearly 6% week-to-date.

A slower-than-expected pivot toward a supply and demand balance in the oil market, as well as potential ramifications on the global financial markets as a result of the U.K. vote, known as “Brexit”, have cramped investors’ appetite for riskier assets.

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