Oil futures prices slide amid Trump impeachment news and weak economic data

摘要

US West Texas Intermediate and UK Brent crude oil benchmark prices posted the largest week-on-week decreases in two months during the week ending Sept.27.Sentiment was once again yanked back and forth by comments from US President Donald Trump about trade relations with China,but the bears won out with the help of prospects for slow economic growth around the world.Oil prices were pushed higher on Monday by a Wall Street Journal report that asserted it could take months longer than estimated for Saudi Arabia to complete repairs at the Abqaiq oil processing facility and the Khurais oilfield,which had been attacked on Sept.14.Some of those gains,however,were given back later in the day after Reuters cited a source who said that over 75% of the lost crude output was already back online and that full production may be restored within a week.Additionally,the UK-flagged Stena Impero was released.Iran had seized the tanker on July 19.(Please see related article on p.21 of the July 22 Digest)Losses were pared by the underlying risk premium associated with the possibility of more attacks against Saudi Arabia as well as the potential Saudi retaliation against Iran,which it blames for the Sept.14 strike.