| The UK’s Brexit vote dominated oil market sentiment for most of June, not because of its direct impact on oil demand and supply but through its impact on the US dollar index and financial markets.
The UK economy plays a very small role in the global oil market, with the UK accounting for about 1 per cent of global oil supply and 1.6 per cent of demand. A stronger dollar, however, makes oil imports more expensive for holders of other currencies and is generally seen as bearish for demand. The US Dollar Index hit a three-month high of 96.7 in the aftermath of the UK’s decision to leave the EU...............................................Full Article: Source
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