Oil prices were mixed and gold prices were under pressure on Sunday in early trade as traders digested the impact from Turkey’s military coup, which was broadly expected to be limited on global markets.
Prices of crude oil were barely changed after rallying on Friday after news that Turkey’s military had seized power, igniting concerns about potential disruptions to shipments along one of the world’s busiest shipping routes.
The takeover was prevented, and Istanbul’s Bosphorus Strait, a key route for trading, was reopened on Saturday after the coup attempt. Turkey has a huge and rising role in world trade of oil, gas and grains.
“Weekend news was dominated by an attempted Turkish coup, which may see markets open a little nervous this morning,” ANZ research said in a July 18 morning note. “Oil prices pushed higher after the attempted coup in Turkey raised concerns about supply disruptions.”
Trading resumed late Sunday with little change in prices by 2242 GMT (6:42 p.m. ET). The most-active Brent futures for September delivery rose $0.09, or 0.19 percent, at $47.70 per barrel.
The most-active U.S. oil’s West Texas Intermediate (WTI) futures for August delivery fell $0.04, or 0.09 percent, at $45.91 per barrel.
Gold ticked lower after rising late Friday on news of the uprising.
Spot gold was down 0.5 percent at $1,330.79 per ounce. Other precious metals were also lower. Silver was down 0.3 percent at $20.135 per ounce. Palladium was down 0.1 percent at $645.70.
Spot platinum rose 0.3 percent at $1,090.10.