MTECHTIPS :-Oil prices waver with U.S. rig count, failed Turkey coup in focus

MTECHTIPS :-Oil prices waver with U.S. rig count, failed Turkey coup in focus

 MTECHTIPS:- Oil prices struggled for direction in European trade on Monday, flipping between gains and losses amid signs of an ongoing recovery in U.S. drilling activity. Investors also digested news of a failed coup in Turkey over the weekend.Crude oil for August delivery on the New York Mercantile Exchange inched up 2 cents, or 0.04%, to trade at $46.67 a barrel by 07:48GMT, or 3:48AM ET.Oilfield services provider Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by six last week to 357, the third straight weekly gain and the sixth increase in seven weeks.The renewed gain in U.S. drilling activity fueled speculation that domestic production could be on the verge of rebounding in the weeks ahead, underlining worries over a supply glut.Elsewhere, on the ICE Futures Exchange in London, Brent oil for September delivery tacked on 9 cents, or 0.19%, to $47.70 a barrel.The Turkish government said on Sunday it was in full control of the country and economy after thwarting an apparent military coup to topple President Tayyip Erdogan late on Friday.The government widened a crackdown on suspected supporters of the failed coup over the weekend, taking the number of people rounded up in the armed forces and judiciary to 6,000.

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