Oil prices sag on British banker's concerns

NEW YORK, July 18 (UPI) -- Crude oil prices turned sharply lower in Monday trading after a British bank leader said uncertainty surrounding the exit from the EU would affect demand.

Major economic indices are still factoring in the June decision to leave the European Union. In his final speech as a member of the Bank of England's monetary policy committee, Martin Weael said that, while the so-called Brexit is unlikely to have a pronounced impact on the global economy, there is still a high level of uncertainty.

"There is good evidence that uncertainty affects demand," he said in his prepared remarks.

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