Oil prices rise as the situation in Turkey is not sure
While the situation calm returned in Turkey after a failed coup last weekend before the analysts said the situation remained unchanged, while the Turkish authorities continue to crack down brutally against the coup planners detained a total of 6 billion people.
At about 3 hours and 50 minutes UTC crude West Texas Intermediate (WTI), the US benchmark oil rose 7 cents, or 0.15 percent at 46.02 dollars while Brent oil was up 23 cents or 0.48 percent to 47.84 dollars. Both oil contracts rose slightly at the close of trading on Friday.
The country's strong economic figures that the world's major economies on Friday made the world happy.
The Commerce Department said retail sales in June were higher than expected, which is good news for economy driven by consumer spending.
Earlier on Friday, China released figures second-quarter economic growth, which is higher than forecast provide some relief as the economic powerhouse of Asia affected by the economic slowdown in the longer term.
Alex Furber senior customer service executive at CMC Markets in Singapore, said that higher oil prices due to the demand outlook oil well.
Sanjeev Gupta, an oil and gas analyst at EY, said that while the coup in Turkey had failed, it would still push for short-term fluctuations in oil prices due to government repression continues.
He says: 'Because Turkey is a major oil and gas producing country is a key transit route that the supply of crude oil to go through.
Ric Spooner, chief market strategist at CMC Markets in Sydney, told Bloomberg News: There is concern about the situation in the country Turkey.
He said: 'business as usual in such circumstances, the market is looking at issues not likely a factor threatening a clear threat to the interrupted oil supplies.
