"The fact that the oil market is re-balancing is still going to support oil prices at close to $50. The euro fell below $1.10 while the dollar fell to as low as 99.08 yen. "Putting Brexit aside, the new oil order today is where we have prices and costs regulating the market not OPEC so we're going to see more price volatility than before," Shum said. "In the interim, it's down for everything from equities to oil. crude was down $2.77 at $47.34 a barrel at around 0314 GMT.

Source: Economic Times June 24, 2016 04:52 UTC