Brent and NYMEX rise in Asia
On Monday, oil prices managed to gain during Asia trade, reversing earlier narrow drops in the wake of a failed military takeover attempt in Turkey at the weekend, which raised regional stability worries along a major transit route for supplies with investors still working through regional political stability implications.
In New York, August delivery crude futures surged 0.24%, trading at $46.76 per barrel. Additionally, September delivery Brent futures edged up 0.57%, hitting $47.88 per barrel.
The previous week, oil futures concluded Friday’s session higher, following better-than-expected economic data from America and China.
Oil prices obtained a further boost during post-settlement trade after news broke of an evident military coup in Turkey. However, the coup attempt failed as President Recep Tayyip Erdogan got back to Istanbul from a Mediterranean holiday and asked people to take to the streets to support his government against plotters he accused of trying to murder him.