Oil prices fall on US stimulus impasse, rising US crude stockpiles
Oil prices fell on Wednesday after US President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy and on a larger-than-expected increase in US crude inventories.
US West Texas Intermediate (WTI) crude oil futures declined 42 cents, or 1%, to $40.25 a barrel by 0648 GMT while Brent crude futures fell 30 cents, or 0.7%, to $42.35 a barrel.
“Crude prices got hammered with one-two punch after President Trump sent all risky assets into freefall after ending negotiations on fiscal stimulus and after US crude stockpiles posted their first build in four weeks,” said Edward Moya, senior market analyst at OANDA.
