Oil prices increase after two-day slump

New York, June 29: Oil prices gained after slumping for two sessions on Britain's surprise vote to leave the European Union.

The West Texas Intermediate for August delivery on Tuesday gained $1.52 to settle at $47.85 a barrel on the New York Mercantile Exchange, while Brent crude for August delivery added $1.42 to close at $48.58 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.

Oil prices suffered the biggest two-day loss since February as the Brexit vote spurred market concerns about the economic stability of the UK and euro zone, triggering massive risk aversion among investors.

Crude prices recovered on Tuesday as European Union leaders gathered in Brussels for a two-day meeting to discuss Britain's decision to leave the bloc, raising speculations that policy makers may take measures to limit the economic fallout.

IANS