Oil slides as Trump impeachment prospect, #Saudi supply weighs - Reuters

Oil slides as Trump impeachment prospect, Saudi supply weighs - Reuters:

Oil fell on Thursday as new developments in an inquiry into the impeachment of U.S. President Donald Trump weighed on demand sentiment while moves to quickly restore Saudi output after attacks on its oil installations 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. 

“When the odds of impeachment go down, the market goes up. When the odds of impeachment goes up, it goes down,” said Phil Flynn, an analyst with Price Futures Group in Chicago. “The market doesn’t like the prospect of impeachment - that’s going to be a negative for the U.S. economy, it’s going to be a negative on U.S.-China trade.”

Both benchmarks fell for a third straight day, with Brent crude LCOc1 futures down 39 cents, or 0.6%, at $62.00 a barrel and U.S. West Texas Intermediate (WTI) crude CLc1 65 cents, or 1.2%, lower at $55.84 a barrel by 11:47 a.m.