OIL PRICES DOWN 6%
According to REUTERS, oil prices slumped by more than 6 percent on Friday after results of a landmark referendum showed Britain had voted to leave the European Union, causing huge market uncertainty and fracturing European efforts to forge greater unity.
Financial markets have been racked for months by worries about what Brexit, or a British exit from the European Union, would mean for Europe's stability, but were clearly not factoring in the risk of a leave vote.
The dollar fell below 100 yen for the first time since November 2013, while the pound dropped by the most in living memory.
U.S. crude was down $2.77 at $47.34 a barrel at around 0314 GMT. Brent crude was down $2.75 at $48.16 a barrel.
"In the interim, it's down for everything from equities to oil. Bad economies in the UK and Europe is not good for oil and there could be a domino effect on other economies in Asia," said IHS oil analyst Victor Shum.
The result leaves the crude oil market in thrall to other drivers but even if the dust settles soon prices are likely to see swings, albeit around an equilibrium mark of $50, he said.
Oil prices had risen more than 30 percent this year before Thursday's fateful UK vote.
"Putting Brexit aside, the new oil order today is where we have prices and costs regulating the market not OPEC so we're going to see more price volatility than before," Shum said.
"The fact that the oil market is re-balancing is still going to support oil prices at close to $50."
Japan's Nikkei index fell more than 1,300 points, the biggest fall since at least March 2011, when an earthquake and tsunami killed nearly 20,000 people and set off the Fukushima nuclear disaster.
Early opinion polls in the United Kingdom showed the 'Remain' camp in the lead, giving markets a false sense of complacency. An Ipsos MORI poll put the lead at 8 points while a YouGov poll out just after polls closed found 52 percent of respondents said they voted to remain in the EU while 48 percent voted to leave.
But the result is on track to be the opposite of that.
A vote to break with Europe is set to usher in deep uncertainty over trade and investment and fuel the rise of anti-EU movements across the continent.
Sterling fell by as much as 11 percent and was last at around $1.35. The euro fell below $1.10 while the dollar fell to as low as 99.08 yen.
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Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.
Iran exported over 5 billion cubic meters (bcm) of natural gas during the first five months of the current Iranian calendar year (March 21-August 22), Dispatching director of National Iranian Gas Company (NIGC) announced.
Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.
Qatargas has agreed to sell 1.5 million tpy of LNG to Turkey’s BOTAŞ Petroleum Pipeline Corporation (BOTAŞ) over a period of three years