Oil ends lower as Turkey-related supply worries fade

Oil futures settled lower on Monday, losing more than 1% as traders dismissed worries of supply disruptions from the attempted coup in Turkey.

August West Texas Intermediate crude CLQ6, -0.31%  fell 71 cents, or 1.6%, to settle at $45.24 a barrel on the New York Mercantile Exchange. It had traded as high as $46.14 overnight, according to FactSet. September Brent crude LCOU6, -0.26%  on London’s ICE Futures exchange declined by 65 cents, or 1.4%, to $46.96 a barrel.

Petroleum prices were “on the defensive” due to a “combination of relief that a coup attempt in Turkey failed to disrupt oil pipeline flows or tanker loadings, with prices falling back toward the bottom of their recent trading range,” said Tim Evans, energy analyst at Citi Futures and OTC Clearing.

For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my