Oil stocks take hits upon Brexit vote

LONDON, June 24, 2016 – London-listed super-majors, medium-sized operators and hydrocarbons engineering companies all saw their share prices take beating on Friday as stock markets woke up to the UK vote to leave the EU.

Independents Premier Oil and Enquest took the hardest hits, with their stock price tumbling 10.67% and 13.6%, respectively. Tullow’s share price was down 7.84%. Engineering companies Petrofac and Wood Group recorded drops of 6.22% and 7.7%, respectively, while Amec Foster Wheeler’s share was down 6.56%.

Shell and BP saw their market value decrease too as their shares were down 5.77% and 5.82%, respectively.