Oil hit hard as Britain votes to leave Europe

The world markets have been roiled this morning as traders woke up to the news that Great Britain has voted to leave Europe in a ground breaking vote, with Brent trading as much as three dollars down.

Brent is trading at $47.50/bl in early trading in Europe.

The UK has voted to strike a new course outside the EU on Thursday in one of the most momentous decisions in the country’s postwar history.

Now the real questions begin according to the Financial Times..

Even as the reality sinks in that Britain voted to leave the bloc in Thursday’s In/Out referendum on membership, the consequences of that vote — what it means for trade, immigration and growth — have yet to be determined.

Analysts are now beginning to look at some of the big issues still to be settled about Britain’s post-EU existence.One of the most fundamental decisions facing the UK is what kind of relationship to have with the remainder of the EU.

While leading Leave campaigners have ruled out remaining in the EU’s single market — which would require the continued free movement of people from the bloc — such an option could be the least disruptive to the economy.

Alternatives would include striking a deal modelled on Switzerland’s current arrangement with the EU or accessing the bloc under World Trade Organisation rules.