Crude oil prices fell Thursday as new details connected to the impeachment inquiry into U.S. President Trump weakened demand sentiment, while moves to quickly restore Saudi output after attacks on its oil infrastructure promised more oil supply.
The U.S. House Intelligence Committee released a declassified version of a whistleblower report alleging Trump used his office to solicit interference in the 2020 presidential election from a foreign country, Kallanish Energy learns.
Brent crude futures rose 40 cents, or 0.6%, to $62.79 a barrel, while U.S. West Texas Intermediate (WTI) crude settled down 8 cents, or 0.1%, to $56.41/Bbl.
Prices have been weighed down by the faster-than-expected recovery of Saudi output after the drone and missile strikes on two of its oil-processing plants Sept. 14, as well as a surprise 2.4-million-barrel build in U.S. crude inventories last week.
Saudi Arabia, the world’s top oil exporter, has restored its production capacity to 11.3 million barrels per day (Mmbpd), sources briefed on state oil company Saudi Aramco’s operations told Reuters.
Comments by Trump on Wednesday, which signaled a resolution to the U.S. trade dispute with China might be near, helped limit losses.
A day after delivering a stinging rebuke to China over its trade policies, Trump said Beijing wanted to make a deal and it “could happen sooner than you think.”
Trump and Japanese Prime Minister Shinzo Abe also signed a limited trade deal that would open Japanese markets to $7 billion of U.S. products annually.
Crude oil futures were pressured by sluggish economic data in leading European economies and Japan.
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