Jittery markets send safe-haven yen soaring

London

WORRIES over falling oil prices and the possibility of a British exit from the European Union drove the euro to a three-year low against the yen on Wednesday and sterling to a seven-year trough against the US dollar.

Oil fell below US$33 a barrel after Saudi Arabia ruled out production cuts and a report said that US crude stockpiles had hit a record high, souring investors' appetite for riskier assets and boosting demand for safe havens such as the yen and Swiss franc.