Oil Prices dive as Britain votes to Leave EU

Crude oil prices declined 6% on Friday, amid Britain’s exit from the European Union. Britain decided to leave the EU in a referendum on Thursday, which created an enormous volatility in the global stock markets and exchange rates. 
The Pound declined more than 6% against the Euro and dropped above 8% against the US dollar. 
Volatile exchange rates and Britain’s exit from the EU plunged oil prices and global indices. London’s FTSE declined 6% in early trading, while Germany’s DAX plunged 7.5%. 
In early Asian trade, US crude oil declined 6% to $47.46 a barrel, the biggest daily loss since April 18. Brent crude also dipped more than 6% to $48.21 a barrel. 
At one point US benchmark West Texas Intermediate fell 6.21 percent to $47.00 and Brent was down 6.17 percent at $47.77. 
They pared the losses later in the day and at around 0630 GMT, Brent dropped $2.14, or 4.20 percent, to $48.77 and WTI was down $2.18, or 4.35 percent, at $47.93. 
The news sent Asian stock markets collapsing, with Tokyo down almost eight percent, Hong Kong losing more than four percent, and Seoul and Sydney more than three percent down each. Futures trading also suggested London would lose seven percent and Frankfurt six percent. 
While Australia's dollar was down 3.4 percent at one point, South Korea's won dived 2.4 percent and the Indonesian rupiah shed 1.1 percent. 
Malaysia's ringgit was down 2.5 percent, one of its worst days since 1998.