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Oil rises after apparent military uprising in Turkey

Oil prices rose after news of an apparent military coup in Turkey.

Internationally traded Brent crude was up about 1.01 percent at $48.09 a barrel. U.S. West Texas Intermediate crude was last up about 0.72 percent at $46.28 a barrel.

Turkey, which straddles Europe and the Middle East, is not a major oil producer, but is an important pipeline area. Oil prices also rise generally during times of instability in the Middle East.

Gunfire was heard and jets were seen flying in the Turkish capital of Ankara on Friday as Prime Minister Binali Yildirim said a group within Turkey's military had attempted to overthrow the government.

Separately, Istanbul's Bosphorus Bridge and Fatih Sultan Mehmet Bridge were both closed by military forces on Friday, local television channels reported, without giving a reason. Istanbul is 320 miles away from Ankara.

John Kilduff, founding partner of Again Capital, told CNBC that the gains in oil are "absolutely" due to the events in Turkey. He said that the apparent "coup on Turkey has people on edge." Kilduff said, however, that the news is "not necessarily bullish for oil."

Earlier oil prices were on track for a second consecutive weekly gain on Friday after data from top energy consumers the United States and China boosted the oil demand outlook.

Also on Friday, data from oilfield services firm Baker Hughes showed U.S. drillers added oil rigs for a sixth week in the last seven. The number of...


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