Oil prices have risen after polls indicated a fall in support for the UK voting to leave the European Union later this week.

August Brent crude futures rose 90 cents at $50.07 a barrel, while the NYMEX crude for July delivery increased 80 cents at $48.78 a barrel, Reuters reported.

Campaigning on the UK referendum restarted yesterday after it had paused following the murder of Labour MP Jo Cox on Thursday.

"It might be moves in the US dollar that drive the oil market at least until we get that out of the way."

Gold, the US dollar, German bonds and the Swiss franc were under pressure, while oil price is all set for an increase.

The pound subsequently rose increased 1.6% to $1.4589.

CMC Markets chief market strategist Michael McCarthy told the news agency: "With Brexit dominating the market headlines, it might be moves in the US dollar that drive the oil market at least until we get that out of the way."

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By GlobalData

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