WTI Crude Oil (current price: $48.26)
The crucial commodity had a bullish day before the results of the Brexit votes started coming in. Oil followed risk assets lower following the release t=of the first numbers and it fell as low as the key support level near $47 in early trading. The vote is unlikely to change the basic fundamental setup for the commodity and a rebound towards the previous highs in the coming weeks seems likely, after the initial bearish reaction.
Our assessment: Oil is trading near the key $47 support after rising above $50 yet again. The Brexit vote could push the Black Gold even lower, although the underlying trend remains bullish.
