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Oil Drops as Flows Unhindered Following Coup Attempt in Turkey

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(Bloomberg) - Oil declined following a failed coup in Turkey as shipments continued through the vital conduit from Russia and Iraq to the Mediterranean Sea.


Futures slid 1.6 percent in New York. Oil tankers are loading and unloading at Turkey’s ports, and supplies are arriving in pipelines from neighboring countries, an Energy Ministry official said Sunday, asking not to be identified in line with ministry rules. President Recep Tayyip Erdogan ordered reprisals for the attempt to oust him. The oil price recovery will remain volatile amid mounting risks, BMI Research wrote in a note.


The situation in Turkey “is far from settled. If we were in a tight market where inventory had been run down, this would matter a lot, but we have inventory acting as a buffer,” Amrita Sen, chief oil economist for Energy Aspects Ltd. in London, said by telephone.


http://www.downstreamtoday.com/news/article.aspx?a_id=52813


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