Oil prices were slightly lower Monday as global trading reopened for the week following the U.K.’s unexpected decision to leave the European Union on Friday. The global benchmark, Brent, was trading down 0.5% at $48.18 a barrel. Its U.S. counterpart, West Texas Intermediate, was trading down 0.8% at $47.27 a barrel. Oil prices plunged by nearly 7% at one point on Friday as Britain’s decision to exit the EU, known as “Brexit,” surprised investors, triggering a selling spree across global markets. The volatility is likely to remain over the near term, as the pound fell further on Monday and sent the U.S. dollar soaring. A stronger greenback makes oil more expensive for traders using other currencies, typically pushing prices down. But most analysts agree that strong oil market fundamentals are likely to limit losses to prices. Buying opportunities for crude have been limited, according to analyst Bjarn Schieldrop from […]