Oil is up as the stock market rises and Turkey’s lira improves
Oil rises with equities and concerns about crude supply as Saudi Arabia cut output in July and the US sanctions against Iran target oil
New York — Oil prices rose more than 1% on Tuesday, tracking the stock market higher after a rise in Turkey’s lira quelled fears of emerging-market weakness and as market participants focused on lower crude supply from Saudi Arabia and Iran. Brent crude futures for October delivery rose 74c to $73.35 a barrel by 13pm GMT. US West Texas Intermediate (WTI) crude futures rose 70c to $67.90 a barrel. Prices rebounded from the previous session’s slide that came as a financial crisis in Turkey sparked fears that possible contagion throughout emerging economies could hurt fuel demand. Turkey’s lira, which crashed to an all-time low against the dollar on Monday, recovered about 5% on Tuesday. US stock indices broadly gained, supporting oil futures. "The equities and the dollar are keying primarily off of the unfolding saga in Turkey, and although the lira posted a significant rebound [on Monday], the stand-off between Turkey and the US is showing no sign of progress," Jim Ritterbusch, presi...
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