Currency weakness could hit emerging market demand.

 The plunge in the lira has severely infected a multitude of other emerging market currencies, most notably, Argentina’s peso and India’s rupee. That makes oil vastly more expensive in those countries, specially in argentina where fiscal economic policies are having a huge clash with the private industry, making the oil more expensive which ultimately could undercut demand. “Higher oil prices paired with a weakening domestic currency spells trouble for major emerging market oil demand growth countries like India, where consumers are already paying near record levels for retail petrol,” said Michael Tran, global energy strategist at RBC Capital Markets LLC.

Source: Energy insider