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Oil prices dropped around half a percent on Monday, extending sharp declines after Britain's vote to leave the European Union sparked a sharp selloff in global markets on Friday amid concerns over risk aversion. Global financial markets plunged on Friday as results from a referendum defied bookmakers' odds to show a 52-48 percent victory for the campaign to leave a bloc Britain joined more than 40 years ago. Oil prices were also under pressure as the British pound fell anew in early Asian trading on Monday, with investors still at a loss as to what happens next now that the country has voted to leave the European Union.
MADRID (AP) — Spain's repeat election Sunday failed to clarify the political future of the European Union's fifth-largest economy, as another inconclusive ballot compelled political leaders to resume six months of negotiations on who should form a government.
By Estelle Shirbon and Ben Blanchard LONDON/BEIJING (Reuters) - Britain plunged deeper into political crisis on Sunday after its vote to leave the European Union last Thursday, leaving EU and world officials confused about what to do next. British Finance Minister George Osborne, who had warned during the campaign that a "Brexit" would cause financial market volatility, scheduled a statement for 7 a.m. (0600 GMT) on Monday to provide reassurance about "financial and economic stability". China's finance minister said fallout from Thursday's referendum "will cast a shadow over the global economy", while a senior official in Tokyo warned of the danger of "speculative, violent moves" in currencies.