Oil Prices Drop Due to Turkish Coup

Crude oil prices for WTI dropped nearly 2% to $45.03 and Brent crude to $46.70 due to the Turkish failed coup. Oil tankers were reported to be loading and uploading cargoes normally on Monday morning. BP, operator of the Baku-Tibilsi-Ceyhan pipeline from Azerbaijan through Georgia, confirmed Monday that oil flow is uninterrupted. The market is expected to “shrug off the impact” of the coup.