Investing.com- Oil prices steadied Monday in choppy trade after steep losses Friday as Britain voted to leave the EU.
Futures swayed between moderate gains and losses but were on a more even keel than on Friday.
U.S. crude for August delivery was down 0.50% at $47.40 at 06:45 ET after a low of $46.92 and a high of $47.96.
Brent crude was down 0.53% at $48.78. It ranged between $48.44 and $49.48.
The dollar index was up 0.9%. A strong dollar normally depresses demand for oil.
Caution was the order of the day after oil futures shed around 5% in the wake of Brexit.
Goldman Sachs (NYSE:GS) said Brexit would not unduly change the fundamentals of demand for oil.
A 2% fall in the U.K.’s GDP would shave only 16,000 barrels a day off global demand.
However, there are concerns about a build-up of refined products.