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Oil Extends Gain as Turkish Army Officers Say They Seized Power

  • President Recep Tayyip Erdogan said he’s still in charge
  • Exxon declares force majeure on Nigerian crude export
Updated on

Oil rose above $46 a barrel in after-market trading in New York as Turkish army officers said they seized power in the country and tanks blocked roads in Istanbul.

Crude extended gains on the news of a coup attempt under way after a volatile session where the market weighed a force majeure declared by Exxon Mobil Corp. on crude shipments out of Nigeria against excess U.S. oil and product inventories. Turkish President Recep Tayyip Erdogan said he was still in charge and urged the public to take to the streets and public squares in resistance. At least 10 crude tankers signal Turkish ports at the time of the attempted coup, according to data compiled by Bloomberg.