Here’s What Brexit Means for Oil Prices

If UK citizens vote to leave the European Union in a landmark referendum next Thursday, that could push oil prices lower, according to one analyst.

'I think it's likely prices would drop a little bit more,' said Spencer Welch, an oil analyst with IHS, based in London. 'Some of the fall is already being priced into the market right now.'

On Friday, oil prices snapped a six-session losing streak with Brent eclipsing $48 a barrel and West Texas Intermediate crossing $47 a barrel. Earlier this month, prices topped $50 a barrel.

'There's uncertainty around what a Brexit might mean - a concern about potentially reduced trade,' Welch said.

TheStreet's Scott Gamm reports from Wall Street.