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Societe Generale: oil prices can fall due to a Brexit

Societe Generale: цены на нефть могут упасть из-за Brexit

World prices for “black gold” can short-fall by 5% in the case of a British exit from the EU (the so-called Brexit), experts of the French Bank Societe Generale.

At the same time, I believe in financial institution, in the event of Brexit the dollar strengthened, reports TASS.

According to experts Societe Generale, investors will continue to avoid risky assets that the short-term will be downward pressure on the oil quotes.

A referendum on the fate of a further stay in the UK in the EU will be held June 23.

This morning, the world prices for “black gold” has risen in electronic trading on the London and new York exchanges. Closer to noon, the price of Brent crude oil rose above $50, peaking at a maximum of $50,12, which is 1.93% above the closing level of the previous trading session.

As noted by the Deputy Director of analytical Department of “Alpari” Anna Kokoreva, the specific reasons for the rise in oil futures, you can say that the technical correction is over, and speculators are gaining a new position to go above $53 a barrel. “If the quotes will manage to consolidate above this level, the oil may freely rise in price to $62 per barrel,” — said in the review expert.

In her view, “the market is having a weak dollar, which is declining due to the fed’s monetary policy of the United States, and in connection with the investors’ expectations regarding the outcome of the referendum in Britain, making bets that the country will remain a member of the Union.” “Throughout the week in the commodity markets may be heightened volatility until then, while the hype surrounding this event settles,” says Kokorev.

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