Oil prices slipped on Monday as market participants absorbed the shock of Britain's vote to leave the European Union though some analysts said Brexit would have a limited impact on global fuel demand. Both crude benchmarks slumped about 5 percent on Friday amid plunging global financial markets after the British referendum results gave an unexpected 52 percent to 48 percent victory to the campaign to take Britain out of the EU. Oil prices rose slightly early on Monday as analysts said Britain's EU exit would have very little impact on physical oil trading - before slipping back later.
Britain's finance minister on Monday sought to calm markets after the country's shock vote to leave the EU, and insisted it would be not rushed into a break-up despite pressure from EU leaders. George Osborne said Britain's economy was "as strong as could be" to deal with the fallout of Thursday's momentous Brexit vote, which has already claimed the scalp of Prime Minister David Cameron and fuelled fears of a break-up of the United Kingdom. "Today I want to reassure the British people, and the global community, that Britain is ready to confront what the future holds for us from a position of strength," he said, minutes before the opening of European stock markets.