On Friday, Crude oil prices increase for the 1st time in seven days, as markets took a break from worries regarding the influence of Britain's potential exit from the European Union.
Brent crude futures increase 59 cents, or 1.3%, at $47.78 a barrel at 0143 GMT following falling 3.6% in the previous term. The deal is on track to drop approximately 5.5% for the week.
U.S. WTI crude futures increase 37 cents, or 0.8%, to $46.58. The deal drops 3.8% in the previous term and prices decreased approximately 5% so far this week.
The British pound increase from a two month decline after campaigning for next week's so-called Brexit poll, next week was postponed after the murder on Thursday of UK member of parliament Jo Cox, who was a vocal supporter for Britain to remain in the European Union.
Commodities across the board also announced increased, although equity benchmarks together with Japan's Nikkei stock average increase.
'We need to brace ourselves for further volatility,' stated by an analyst 'We are seeing a bit of a recovery now with maybe some short positions being unwound. It is certainly going to be a wild ride for investors and traders going into the June 23 decision.'
Still, global oil majors Chevron Corp and Royal Dutch Shell Plc are placing small refineries on the sale block as they look to slim lower-margin assets in the face of breezes from increasing prices.
Chevron, the 2nd biggest U.S. oil firm, is requesting interest in its Burnaby, British Columbia, plant and gasoline stations, according to the reports.
Shell is searching for purchasers for its Martinez, California, refinery, according to sources. Shell failed to comment.
On Additional News
On Thursday, U.S. natural gas futures added to losses in North America trade, after statistics presented that natural gas deliveries in storage in the U.S. increase more than projected the previous week.
Delivery of Natural gas in July on the NYMEX shed 2.0 cent, or 0.77 percent, to trade at $2.575 per million British thermal units by 14:55GMT, or 10:55AM ET. Prices were at approximately $2.593 before the release of the supply data.
The U.S. Energy Information Administration stated in its weekly report that natural gas storage in the U.S. in the week completed June 10 increase by 69 billion cubic feet, beyond predictions for an upsurge of 64 billion.
That compared with figures of 65 billion cubic feet in the previous week, 89 billion a year before and a five-year average of 86 billion cubic feet.
Total U.S. natural gas storage raised at 3.041 trillion cubic feet, 20.8 percent increase than levels at this time a year before and 23.2 percent beyond the five-year level for this time of year.
If strong summer heat increase demand from power plants, stocks will test physical storage restrictions of 4.3 trillion cubic feet at the end of October.
Temporarily, updated weather forecasting models persistent to demonstrate beyond-normal temperatures through most parts of the U.S. over the approaching two weeks.
Request for natural gas inclines to increase in the summer time as warmer temperatures upsurge the need for gas-fired electricity to power air conditioning.
Natural gas prices have carefully traced weather predictions in current weeks, as traders try to measure the influence of unstable positions on early summer cooling request.