Luxembourg’s FM Gramegna: Brexit Shock Will Last Few Days

FM luxembourg

Luxembourg Finance Minister Pierre Gramegna discusses the Brexit decision, the implications for the U.K. and the EU and its impact on the markets. He speaks to Bloomberg’s Stephen Engle on “Trending Business” from the World Economic Forum in Tianjin, China.

At the same time, Oil prices stabilized on Monday as market participants better absorbed the shock of last week’s vote in Great Britain to leave the European Union and recognized the referendum would have little effect on global fuel demand.

Brent crude futures were trading at $48.76 a barrel by 0650 GMT on Monday, up 35 cents from their last settlement.

U.S. crude was up 18 cents at $47.81 a barrel.

Both crude benchmarks had fallen around 5 percent on Friday amid plunging global financial markets as results from a referendum defied bookmakers’ odds to show a 52 percent to 48 percent victory for the campaign to leave a bloc Britain joined more than 40 years ago.

But oil stabilized on Monday as analysts said that Britain’s EU exit would have very little impact on physical oil trading.

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