Commodities: oil went higher on Turkey coup news - ANZ

Analysts at ANZ explained that commodities were subdued despite the positive economic data.

Key Quotes:

"Oil prices pushed higher after the attempted coup in Turkey raised concerns about supply disruptions. While Turkey is not a big producer, it’s a major transit point for Caspian oil as well as northern Iraq.

This was negated somewhat by data showing US oil output increased slightly last week. Iron ore found some support after it was reported that China produced a record amount of steel in June. Output hit 69.47 million tonnes; up 1.7% m/m. Base metals were slightly weaker as investors took profits after a strong week. Holdings in gold ETFs suffered its first weekly fall in more than six weeks as stronger equity markets amidst the risk-on tone hurt investor demand."