Oil prices charge back from two-day drop ahead of US data

Jessica Morris
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Investors are looking towards US crude inventories data (Source: Getty)

Oil prices ticked up after falling in early trading today, as global markets convulsed over Britain's vote to leave the European Union.

Brent crude, the global benchmark, added 0.75 per cent to $48.32 per barrel this afternoon. Meanwhile, its US counterpart, West Texas Intermediate crude, swelled 1.01 per cent to $47.07.

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"You have the dollar strengthening, risk aversion rising because of the ongoing Brexit saga and then there are the actual supply and demand aspects to consider on top of all this," Fawad Razaqzada, market analyst for forex.com, said in a note.

Investors are looking towards US crude inventories data due out tomorrow. A Reuters poll showed analysts expect weekly US oil stocks to have fallen for a seventh consecutive week.

Read more: Oil slips below $50 per barrel as global economic storm clouds gather

It came as worries over the implication's of the UK's Brexit vote sent global stocks tumbling, while safe-haven assets such as gold, bonds and the Japanese yen soared.

Bullion rose to a more than two-year while, while the Japanese yen hit a three-and-a-half year high versus the pound and a two-week peak against the dollar and euro.

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