Investing.com- Oil prices plunged by up to 6% on Friday as Britain opted to leave the European Union.
U.S. crude for August delivery was down $2.39, or 4.77%, at $47.72 at 07:00 ET after a low of $46.75.
Brent crude shed $2.53, or 4.97%, to $48.38 after hitting an intraday low of $47.55.
The dollar index was up 2.7%, depressing demand for oil.
Financial markets were in disarray after the surprise outcome of the UK referendum.
The dollar fell below 100 yen for the first time since November 2013, while sterling lost as much as 11%.
A rate hike in the U.S. in the short term has been ruled out because of the referendum result.
Market players believe oil will return to an equilibrium price of $50 once the Brexit storm abates.
Oil prices had risen more than 30 percent this year before Thursday's UK vote.