Oil Dips as Dollar Rises, Turkish Tumult Elevates Demand Concern - Bloomberg:
Oil dropped as economic turbulence in Turkey and the strengthening greenback heightened concerns about global oil demand.
Futures dipped 0.6 percent in New York on Monday, paring some of its losses as the commodity tracked choppy movements in the dollar during the session. Yet, the U.S. currency maintained its advance, reducing the appeal of raw materials as an investment.
In Turkey, an economy that’s larger than the Netherlands or Taiwan, bonds and stocks dropped along with the lira as investor confidence plunged. Meanwhile, OPEC raised production in July and stockpiles at the key Cushing, Oklahoma supply hub in the U.S. are seen rising.
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