Oil prices rally in late trading after Turkish military takes over

Oil prices extended gains in post-settlement trading on Friday after Turkey’s armed forces said they had taken power in the country to protect the democratic order and to maintain human rights.

Supply outages across the world have led to crude prices rallying from 12-year lows touched earlier in the year.

For the oil market, a military coup raises concerns of an impact to the Kirkuk-Ceyhan pipeline, which runs from Iraq’s Kirkuk oil fields to the Mediterranean port of Ceyhan in Turkey.

Source: Reuters