Oil retreats after Trump postpones stimulus talks; supplies grow

Oil prices retreated in Asia after a report showed a rise in U.S. crude stockpiles and President Donald Trump said he’s halting stimulus talks until after the election, sapping optimism for a much-needed boost in demand.

Futures in New York dropped as much as 2.5%, after gaining 3.7% on Tuesday. Trump told his negotiators to stop talks with Democratic leaders on a fiscal stimulus package until after the election, which also caused stocks to tumble and bonds to soar. The move came just hours after Federal Reserve Chair Jerome Powell stepped up his call for greater spending to avoid damaging the economic recovery.

U.S. crude inventories swelled by nearly a million barrels last week, the latest American Petroleum Institute report showed, according to people familiar.