Sterling dropped in Asia by 0.55% against the dollar 25 minutes after details of the YouGov poll were issued by the Times, late Tuesday. It last traded at $1.2804 vs 1.2862, or 1.2808 around 0700 HL/SIN.
In accordance with this event, British Prime Minister, Theresa May, along with her Conservative Party, risks falling short of winning an overall majority of seats in parliament on the national election on June 8. This is definitely in divergence from recent polls that have suggested the Prime Minister’s Conservatives would increase their majority.
The international Internet-based market research firm, YouGov, showed that May’s Conservatives might lose 20 of the 330 seats it holds and the opposition Labour Party could possible gain nearly 30 seats, which could leave the Conservatives 16 seats short of the overall majority of 326, which is needed to govern without the support of other parties.
Rising output from Libya added to concerns about the increasing United States crude production which is discouraging the OPEC-led output cuts which is aimed at tightening the market.
Accordingly, oil prices fell on Wednesday. The international benchmark for oil prices, Brent crude futures, closed at $51.72 per barrel, down by 12 cents or 0.2%, from their last close. The United States West Texas Intermediate closed at $49.47 per barrel, which is down by 19 cents, or 0.4, from its last settlement.Traders and analysts claimed that the price declines were a result of higher production In Libya, which was adding to a relentless rise in United States production. In addition, state-run National Oil Corporation said on Monday, that Libya’s oil production the coming week was expected to rise by up to 800,000 barrels per day.