Brent crude futures were trading around 2% higher week on
week. WTI prices were also higher, but values were impacted by
a contract expiry. Crude values rallied sharply early in the
reporting period, buoyed by a weaker US dollar and hopes that
a referendum on the UK’s membership in the EU would result in
a majority vote to remain. However, crude values fell sharply on
Friday and gave back most of their early week gains after the
UK voted to leave the EU, triggering large falls in equity
markets.