Oil prices lose 7% after the outcome of the British referendum

Global oil prices have lost nearly 7 percent on Friday on its way towards its biggest daily loss this year, after the outcome of the British referendum, which came in favor of the secession of the United Kingdom of the European Union, which expose the global economy for more relapses the coming period, which will affect the oil demand .

By 08:55 GMT, US crude fell to $ 48.10 a barrel from the opening level of $ 50.28 recorded the highest level of $ 50.42 and the lowest level of $ 46.69.

And Brent crude down around $ 48.70 a barrel from the opening level of $ 50.62 and recorded the highest level of $ 50.70 and the lowest level of $ 47.53.

US crude oil "August delivery" Yesterday achieved an increase of 2.4 percent, in the fourth one-day gain in the last five days, and Brent, "August contracts" stepped up 2.5 percent, supported by the rise in most commodities denominated in the American currency, the dollar.

The result of the British referendum resulted in the choice of 51.8 percent of the voters' decision to the secession of their country of the European Union compared with 48.2 percent chose to stay, which indicates the existence of a new map of economic relations in Europe, which is expected to expose the global economy to a further relapses the coming period, which will be reflected on the weak oil demand .

And this result led to a sell-off high-risk stock and bond assets, and stocks in Asia recorded the biggest loss since 2011, the Japanese yen jumped above barrier of 100 yen per US dollar for the first time since November 2013, and the British pound lost 11 percent against the dollar marking the lowest level since 1985.

British Prime Minister David Cameron resigned after the campaign, which he led to the survival of his country within the European Union failed and stressed that the UK needs a new political leadership, pointing out that the head of another government should do the negotiations to get out of European Union.