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July 17, 2016

Oil prices remain unchanged over failed military coup in Turkey

Oil prices have remained unchanged after traders did not feel any impact of the failed military coup in Turkey.

By Srivani Venna

Oil prices have remained unchanged after traders did not feel any impact of the failed military coup in Turkey.

Brent crude futures increased two cents at $47.63 a barrel, while US crude futures fell five cents to $45.90 a barrel, Reuters reported.

Istanbul's Bosphorus Strait has the capacity to handle 3% of global shipments and reopened on Saturday after it shut for several hours following the attempted military coup in Turkey.

"Fundamental headwinds are growing, supply-demand rebalancing is likely still a mid-2017 event."

Oil prices also gained support following economic data from the US and China.

Official data revealed that US retail sales increased in the last month as Americans purchased motor vehicles and other goods, while US industrial production reported its biggest increase.

Reuters quoted the report as saying: "Fundamental headwinds are growing, supply-demand rebalancing is likely still a mid-2017 event, but tail risks are admittedly large in both directions, as geopolitics add to uncertainty." 

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