World oil prices reboundedÂ FridayÂ from six straight sessions ofÂ losses, as investors eyed rising global equities and increasing riskÂ appetite on receding Brexit concerns, dealers said.At about 1100 GMT, Brent North Sea crude for delivery in August was upÂ 99 cents at $48.18 a barrel.
US benchmark West Texas Intermediate for July delivery won 73 cents toÂ $46.94 a barrel compared withÂ Thursdayâ€™sÂ close.
â€œOil prices are bouncing backâ€¦ after falling for six straight days,Â and also because of the small but general improvement in riskÂ sentiment since Thursday afternoon in response to receding Brexit
concerns,â€ said City Index analyst Fawad Razaqzada.
The market was also buoyed by a softer greenback, which makesÂ dollar-denominated commodities cheaper for buyers using rival currencies.
Crude futures had tumbledÂ on ThursdayÂ as fears mounted about nextÂ weekâ€™s vote in Britain on membership of European Union, sendingÂ investors fleeing to the safety of the dollar.
With the British referendum just a week away, polls were showing theÂ June 23Â vote too close to call and momentum behind the â€œLeaveâ€Â campaign.
However, global equities reboundedÂ FridayÂ on bargain-buying, as manyÂ analysts said the killing of a pro-EU British lawmaker had increasedÂ the odds Britons will vote to stay in the European Union next week.
The shooting of Labour MP Jo Cox â€” by a man who reportedly shouted theÂ name of a far-right, anti-EU group â€” forced the cancellation of voteÂ campaigning until the weekend.
A potential Brexit had stoked concerns about a negative hit to theÂ British economy and the EU, and the ripple effects throughout the weakÂ global economy â€” and the oil market.
Brent sankÂ ThursdayÂ to its lowest closing level sinceÂ May 9Â and WTIÂ sank to its lowest point in more than a month.
However, analysts predict that the oil market remains on an upwardsÂ trajectory after striking recent 2016 peaks on the back of tightÂ global supplies and the weak dollar.
â€œAt the moment there is thus a lot of noise in the oil market, as notÂ many people are sure whatâ€™s really going on,â€ added Razaqzada.
â€œUltimately, however, the market has tightened as demand remainsÂ strong and US supply has fallen somewhat.â€
Last week, Brent had forged an eight-month pinnacle above $52 and WTIÂ had surged beyond $51 to the highest level since July 2015.
â€œThe long term upward trend line since January is still in place forÂ now and we think this will continue to offer strong support todayÂ given an absence of any significant macro data releases,â€ Sucden
analyst Kash Kamal told AFP.
â€œProvided this level of support can hold, we could likely see it
consolidate this weekâ€™s losses with the hopes of some stability
heading into next week.â€
Oil prices are still around 80 percent above Februaryâ€™s near 13-year lows.