Oil prices fall after stimulus talks end, stockpiles seen swelling
Oil retreated after President Donald Trump said he’s halting stimulus talks until after the election and an industry report signaled US crude stockpiles rose for the first time in four weeks.
Trump told his negotiators to stop discussions with Democratic leaders just hours after Federal Reserve Chair Jerome Powell stepped up his call for more spending to avoid damaging the economic recovery. Futures in New York traded 1.8% lower on Wednesday, while other markets were mixed.
The American Petroleum Institute, meanwhile, reported U.S. crude inventories expanded by 951,000 barrels last week, according to people familiar with the figures. Government data is due Wednesday.
