About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from the North Sea's top producer
Research houses to allay fears, pointed out that Britain's demand for fuel is negligible at the global leve
According to analysts, Britain's vote to leave the EU will not have a big effect on fundamental oil demand
Global markets took a beating Friday, with some $2.1 trillion wiped off valuations and the British pound plunging to 31-year lows against the dollar
Brent crude settled down 4.9% or $2.50 at $48.41 a barrel
Brent was up 41 cents at $50.29 a barrel, while US crude traded at $49.56 a barrel, up 43 cents
Brent traded at $50.87 a barrel, while US crude futures was seen at $50.20 a barrel
While concerns over a British exit fade into the background, however briefly, supply issues are back in focus
US crude fell to $47.55 as the contract dropped for a fifth day
The US dollar fell for the fourth day in a row today, trading lower against most major currencies
Cash strapped oil companies like Chevron and Royal Dutch Shell are selling small refineries to trim lower-margin assets
Since June 9, Brent has lost about $5 a barrel, or nearly 10 per cent. Prior to that, it hit an eight-month high of nearly $53 on supply disruptions out of Nigeria and Canada
US crude stocks fell last week, the government said on Wednesday, but the decline was much smaller than anticipated
WTI has fallen 7.5% from last week's 11-month peak and Brent is down 5.5% from its eight-month high
While world markets are rattled by fears over Britain's possible exit from the European Union
It makes fuel imports for countries using other currencies more expensive
The retreat comes after US benchmark West Texas Intermediate last week hit an 11-month high
If it goes beyond that range, then it becomes a question," Sinha
Traders, however, expect a fresh boost for oil futures if there are new signs of tightening supplies
US commercial stocks fell much more than expected fanning talk that demand is improving in the world's biggest oil consumer