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US oil prices open 5% lower at $47.57 a barrel 

1 min

New York (AFP)

US oil prices fell about five percent in opening trade Friday as the dollar strengthened in reaction to Britain voting to bolt from the European Union.

At 1300 GMT, US benchmark West Texas Intermediate for August delivery was at $50.11 a barrel, down $2.54. Brent North Sea oil was also sharply lower.

Analysts have predicted Britain could possibly sink into recession after its vote to leave the EU, which could dampen demand for crude.

In London Brent crude was also down more than five percent.

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