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“The impact on industrial commodity fundamentals of a leave vote is extremely small from the demand side,” Goldman said. “On the supply side, a stronger dollar would lower the cost of production which has likely been priced into markets with (Friday’s) selloff.”

Goldman analysts reminded markets that the Brexit will only have a minor effect on overall oil demand, projecting global consumption to only dip by 130,000 barrels, or just 0.1% of global demand, compared to the outages in Nigeria, which took 400,000 barrels off of markets per day.

Crude’s fall Monday is “still very, very much tied to global markets rather than oil fundamentals, at least for now,” Scott Shelton, broker at ICAP PLC, told the Wall Street Journal. “Fundamentals are not near-term strong enough to get anyone to stand in front of a liquidation selloff.”

For more information on the oil market, visit our oil category.

United States Oil Fund