Oil closed lower on Monday, as investors quickly assimilated the return to a certain normality in Turkey, an important channel for the transport of oil, after the failure of an attempted coup during late week.
the price of reference barrel (WTI) for August delivery fell 71 cents to $ 45.24 on the New York Mercantile Exchange.
“the operations were dominated the idea of no problem with the transport of oil through Turkey “, estimated Mike Lynch of Strategic Energy & amp; Economic Research. “That worried on Friday, but did not materialize. So investors started again for sale.”
“As a result, the oil price starts the week on the defensive while on a relief scenario because the attempted coup did not interrupt the operation of pipelines and shipments of bouquets tankers, “said Tim Evans of Citi.
Due to its prime location between major producers as Iraq and Russia, million barrels of oil pass every day by Turkey, both through pipelines and by sea.
“Turkey is also a major consumer of oil and its demand has increased in recent years,” said analysts at Commerzbank, who estimated consumption by 850,000 barrels per day.
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