Brent oil drops to 7-week low as Brexit stokes demand worry

Oil futures fell on Monday, with Brent crude settling at a seven-week low, as investors worried about global energy demand and shunned assets perceived as risky in the aftermath of the U.K.’s unexpected decision last week to leave the European Union.

Aftershocks of the so-called Brexit decision, or British exit from the trade bloc, continue to ripple through financial markets, as market participants weigh the possibility of the EU unraveling, which could weigh on the outlook for crude demand.

August West Texas Intermediate crude CLQ6, +1.68% slid $1.31, or 2.8%, to settle at $46.33 a barrel on the New York Mercantile Exchange. August Brent LCOQ6, +1.53% lost $1.25, or 2.6%, to $47.16 a barrel on the ICE Futures exchange in London.

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