OPEC reported on Monday that Saudi Arabia cut its oil production in July, a surprise move after Riyadh had pledged to ramp up output following the June meeting in Vienna. Why, then, did oil prices fall on Monday? The answer may lie in Turkey, where a political standoff with the Trump administration has led to a sudden currency crisis. It may not seem obvious at first, particularly since Turkey is an insignificant producer of oil and a rather minor consumer as well. But it isn’t a sudden drop off in demand in Turkey that the market is concerned about, but rather the potential for economic and financial contagion stemming from the current crisis. U.S. President Donald Trump announced last week that he planned on doubling the steel and aluminum tariffs on Turkey, a move that kicked the currency crisis into high gear. The lira is down 30 percent over […]