Oil prices largely unchanged as market shrugs off Turkey coup bid
Oil prices were virtually unchanged in choppy Asian trade on Monday following gains last week as traders shrugged off the impact of Friday's attempted coup in Turkey, while upbeat economic data from the United States lent price support, Reuters reported.
Brent crude futures rose 2 cents at $47.63 a barrel as of 0653 GMT after closing up 24 cents in the previous session, having gained nearly 2% for the week, according to Reuters.
U.S. crude futures fell 5 cents to $45.90 a barrel after ending the previous session up 27 cents, gaining more than 1% for the week, the report said.
Both benchmarks see-sawed between negative and positive territory in Monday's Asia's session as investors digested the impact from the coup bid.
ExxonMobil launches bidding war for InterOil in PNG gas push"The market is looking past the coup," said Ric Spooner, chief market analyst at Sydney's CMC Markets.
"There is no disruption to shipping. There is nothing in terms of short-term risk (to oil supply)," he said.
Istanbul's Bosphorus Strait, a key chokepoint for oil which handles about 3% of global shipments, mainly from Black Sea ports and the Caspian region, was reopened on Saturday after being shut for several hours after Friday's attempted military coup, Reuters writes.
Buoyant economic data from the U.S. and China on Friday, the world's two biggest economies, lent support to oil prices, as is reported.
But Morgan Stanley raised concerns about the longer term outlook for oil consumption as demand for petrochemicals rather than fuels such as diesel and gasoline is clouding the outlook for crude demand, according to a report on Monday.