Global stocks rallied on Monday, backed by a rise in oil and commodity prices, while the British pound suffered its biggest one-day loss in nearly six years against the dollar on fears Britain would leave the European Union.
Sterling tumbled to a near seven-year low during the session after popular London Mayor Boris Johnson said he would campaign to leave the EU ahead of a June 23 referendum. The euro fell 0.9 percent.
Battered oil prices jumped as speculation about falling U.S. shale output helped feed the notion that crude prices may be bottoming after their 20-month collapse.
Benchmark Brent LCOc1 settled up 5.1 percent to $34.69 a barrel, while U.S. crude settled up 6.2 percent at $31.48 a barrel.
Stocks, whose performance has been tightly linked to oil prices, posted solid gains across major markets. Read More…..
