Oil Prices Ease From 2016 Highs on Stronger Dollar

Analysts said that a rebound in the dollar had dented oil prices by making fuel imports for countries using other currencies more expensive. The dollar index was up 0.28 percent adding to Thursday's gains as jittery global financial markets sent investors toward safe haven currencies. "Oil prices eased back from a near 12-month high as the dollar reversed its recent trend," ANZ bank said on Friday adding that supply disruptions around the world should help to keep prices from falling deeper. Crude prices have almost doubled since touching their lowest in more than a decade in early 2016 as strong demand and supply disruptions erode a glut that pulled down prices by as much as 70 percent from a mid-2014 peak. Declines in U.S. shale oil output are being compounded by steep falls in Nigerian production due to attacks by militants and in Canada due to forest fires.

Brexit Vote Sends Pound to 31-Year Low, Pummeling Markets

PlayMarkets in turmoil in wake of 'Brexit'; Wall Street is jittery Facebook Twitter Google Plus Embed Markets in turmoil in wake of 'Brexit'; Wall Street is jittery 1:53 LONDON — Stock markets crashed, oil prices tumbled and the pound fell to a 31-year low on Friday as Britain's unprecedented vote to leave the European Union shocked investors and dragged the region, the world's largest economic bloc, into a new era of uncertainty. Investors rushed to dump European shares as soon as markets opened, following earlier drops in Asia, and Wall Street was set to fall sharply amid concerns about the economic consequences of the vote. The move could drain confidence among companies and business in Britain and the wider EU.

Brexit Backlash: Dow Closes Down More Than 600 Points

The Dow Jones Industrial Average dropped more than 600 points on Friday as markets around the world reacted to a vote by citizens of the United Kingdom to leave the European Union. The Dow fell as much as 538.27 points and the S&P 500 dropped as much as 58.49 points in the first minutes of morning trading. Blindsided by the winning "Leave" vote, global investors fled the market in search of safe havens such as gold, the Japanese yen, and U.S. Treasuries. As investors scrambled for any port in a storm, the dollar rose by more than 3 percent — the most in one day since 1978 — and gold soared to a two-year high, reaching 1,000 pounds an ounce.

Brexit Backlash: EU Leaders Call for U.K. Exit Talks to Start Immediately

LONDON — First the party, then the hangover. As the U.K.'s unprecedented decision to leave the European Union reverberated worldwide, officials from the bloc's six original founding members called for exit negotiations to begin immediately. France's Foreign Minister Jean-Marc Ayrault said it would not be acceptable for Britain to play a "cat and mouse" game. "Of course a new (British) prime minister must be appointed, that will probably require a few days but this is quite urgent," he said on Saturday after an emergency meeting attended by Germany, France, Italy, the Netherlands, Belgium and Luxembourg.