Published: Sat, September 28, 2019
World Media | By Camille Neal

Oil slips as White House impeachment prospect, Saudi supply weighs

Oil slips as White House impeachment prospect, Saudi supply weighs

"It is good at nothing but masterminding explosions, destruction, and assassinations - not only in our region, but also throughout the world", Al-Assaf continued, identifying Middle Eastern nations like Bahrain, Kuwait, and Lebanon - but also European states like France and Denmark - as having been the target of Iranian terrorist attacks. USA crude inventories rose 1.4 million barrels last week, the American Petroleum Institute said on Tuesday, compared with analysts' forecasts of a 200,000-barrel drawdown.

Oil slid on Thursday as new details connected to the impeachment inquiry into US President Donald Trump weakened demand sentiment while moves to quickly restore Saudi output after attacks on its oil infrastructure promised more oil supply.

Separately, people familiar with the situation at Aramco told Bloomberg on Wednesday that Saudi Arabia is recovering from the September 14 attacks faster than expected-about a week faster than Saudi officials have given as a date to recover the full capacity, the end of September.

Brent crude futures were at $62.36 a barrel, down 3 cents, or 0.05%, from the previous close, by 0555 GMT.

Iran has denied involvement in the attacks on Saudi Arabia.

He said the Americans are still using "more pressure aimed at reaching discussions, which is the same thing that is taking them farther and farther away from discussions and negotiations".

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Moving on, numbers from the Baker Hughes' weekly US Oil Rig Count, prior 719, might occupy the data-line whereas trade/political news could keep offering the background music.

The Sept. 14 attacks on Aramco sites knocked out around 5.7 million bpd of capacity from the world's biggest oil exporter, almost 6% of global oil supplies.

On the technical side, the bullish crude oil momentum which builds after the attacks, cancelled today as the pair breached the last support at 56.01 the 200-day moving average.

The initial token deployment "will augment the kingdom's air and missile defense of critical military and civilian infrastructure", and will add to "an already significant presence of US forces in the region", he said.

"Signs of easing trade tension has overshadowed the bearish raft of indicators that saw oil prices topple head over heels this week", said Stephen Innes, Asia Pacific market strategist at AxiTrader. Drillers cut six oil rigs in the week to September 27, bringing the total count down to 713, the lowest since May 2017, General Electric Co's Baker Hughes energy services firm said on Friday. In the USA, autumn maintenance work at some refineries is quelling demand for crude.

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