Along the New York Mercantile Exchange, WTI crude oil for delivery in July traded between $ 46.16 and $ 47.75 per barrel before closing at $ 46.20, down 1.78 or 3.71%. On the Intercontinental Exchange (ICE), Brent crude for August delivery wavered between $ 47.09 and $ 48.76 per drum, before settling at $ 47.21, down 1.76 or 3.59% on the day.
As the dollar surged to a two-week high on Thursday, WTI crude oil closed lower for a sixth session, falling to its lowest point since mid-May. It is as well influenced by the volatility of the
British pound rebounded, amid rising concerns discharge U.K. of the European Union on a controversial referendum next week. After allowing the bank rate steady at 0.5% on Thursday morning, the Bank of England also issued a warning of the consequences of Brexit in domestic and global financial markets. But sterling eased from its lowest range at the close of European markets, helped trigger a rally in oil costs. Crude futures, then fell back in the last hour of trading.
The US Dollar Index, which assesses the strength of the greenback versus six other major currencies, surged to a high range of 95.53, before falling back to 94.90, up 0.25%. The forefinger is still down more than 5% since the beginning of December. dollar-denominated commodities like crude more expensive for foreign buyers when the dollar strengthens.
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