Oil extended losses in New York after tumbling with most commodities on the U.K. vote to leave the European Union.

Futures slipped as much as 0.9 percent after dropping 4.9 percent Friday amid a global flight from risky assets. Global equities plunged, while safe-haven assets such as the dollar and gold surged. Traders will soon focus again on the re-balancing of the crude market as a surplus fades, while weighing any lasting impact from the U.K.’s decision on the world economy and oil demand, UBS AG said.

West Texas Intermediate declined as much as 41 cents to $47.23 a barrel on the New York Mercantile Exchange and traded at $47.26 at 9:08 a.m. Sydney time. WTI dropped $2.47 to settle at $47.64 on Friday, the biggest decline since Feb. 9.

Brent fell as much as 36 cents to $48.05 on the London-based ICE Futures Europe exchange after a 4.9 percent decline on Friday. The global benchmark oil was at an 82-cent premium to WTI.

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