– This is the script of CNBC's news report for China's CCTV on July 18, Monday.
Welcome to CNBC Business Daily, I'm Qian Chen.
Oil prices rose after news of an apparent military coup in Turkey.
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.
If we take a look at the map - you can ssee, the key pipeline to iraq here, the Ceyhan-T'biliski-baku pipeline, and the bosphorus strait on the left corner, which is key to transport the Russian oil.
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.
Data also showed U.S. drillers added oil rigs for a sixth week in the last seven.
The increases have prompted analysts to predict the U.S. oil rig count has bottomed and production will start to edge up by early next year.
Gold edged lower early Monday, after registering its first weekly decline since May last week, following a failed attempt to seize power in Turkey which was seen having limited impact on the global markets.
The U.S. dollar gained on the yen in Asia on Monday as investors unwound safe-haven trades in the wake of the attempted coup in Turkey, while better U.S. economic news and the promise of central bank stimulus lent support to equities.
Some other events to eye on this week - ECB's rate decission on Thursday, 21st, then FOMC on 26th and 27th, as well as BOJ's 2-day meeting on 28th and 29th.
CNBC's Qian Chen, reporting from Singapore.