Oil prices decline over 2% on US stimulus impasse, stockpile rise
Oil prices fell on Wednesday after US President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy, with prices also pressured by a larger-than-expected rise in US crude inventories. Brent crude futures were down $1.05, or 2.5 per cent, to $41.60 a barrel by 7.33 pm (IST) and US West Texas Intermediate (WTI) crude declined $1.19, or 2.9 per cent, to $39.48.
“Trump pulling out of relief negotiations generates a lot of uncertainty about the economy … we also didn’t get a constructive set of the data in terms of oil consumption,” said Harry Tchilinguirian, head (commodities research), BNP Paribas.
