OIL PRICES REMAIN STRONG DESPITE TURKISH ATTEMPTED COUP.
This article is originally referred from FxNet Market News.
During Monday’s Asian trade oil prices were almost unchanged and remained at levels gained last week, managing to shrug off the attempted coup in Turkey which happened on Friday.
Turkey’s contribution to the oil market through its Bosphorus Strait checkpoint for oil which handles around 3 percent of global shipments, was slightly affected when the checkpoint shut down for several hours following the events, however both Brent and Crude futures were steady on Monday.
Brent futures added 2 percent trading at 47.63 dollars a barrel at 06:53 GMT, US Crude futures lost 5 cents falling to 45.90 dollars a barrel.
Markets were shaken after an attempt to overtake Turkish President Tayyip Erdogan, and around 3,000 military plotters spreading in Ankara and assuming control of the main road junctions and broadcasting a statement on TRT state television demanding a curfew and warning people to stay home.
On Monday the US dollar gained momentum which puts commodities such as oil on a bearish road, as a stronger dollar makes commodity prices higher for foreign investors and therefore less attractive.
Oil prices were however supported by strong data from the US and China. U.S. retail sales were higher than expected for June, and U.S. industrial production saw its biggest increase in almost a year.
Original Source: FxNet Market News