Liam Denning, Columnist

Britannia Waives the Rules for Oil

Its impact on Europe and emerging markets won't help demand.

June 24, 2016 at 4:55 PM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

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To rioting Venezuelans and militant Nigerians, the oil market can add another group of malcontents: Brexiteers.

The first thing to say about how Britain's decision to leave the EU will impact oil prices, beyond what you can see on your screen right now, is that nobody has a clue. We're in "here be dragons" territory. To understand why, look at this FX chart -- which, I assure you, isn't yet another snapshot of the pound face-planting: