Oil Tumbles Amid Market Turmoil as BBC Calls U.K. Vote to Leave
- U.K. set to leave European Union after more than four decades
- WTI, Brent slump more than 6.6%; gold advances above $1,350/oz
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Oil tumbled with most commodities amid a global flight from risky assets as the U.K. voted to leave the European Union.
Futures plunged more than 6.6 percent in New York and London, the biggest intraday drop in more than two months. Haven assets such as gold and the yen surged. Crude will likely be affected by a stronger U.S. dollar and slower global economic expansion in the near-term, Morgan Stanley said in a note this week. A boost in the currency crimps the appeal of commodities priced in the dollar.