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Oil prices drop as Trump cancels Aid talks

Category: Economy

Date: 2020-10-07T06:09:40+0000
Oil prices drop as Trump cancels Aid talks

Shafaq News/ Oil prices fell on Wednesday after U.S. President Donald Trump dashed hopes for a fourth stimulus package to boost the economy struck by COVID-19 and on a larger-than-expected increase in U.S. crude inventories.

U.S. West Texas Intermediate (WTI) crude oil futures fell 81 cents, or 2%, to $39.86 a barrel by 0411 GMT while Brent crude futures fell by 70 cents, or 1.6%, to $41.95 a barrel.

President Trump, still being treated for COVID-19, ended talks on Tuesday with Democrats on an economic aid package for the United States, the world’s biggest oil consumer, with the U.S. presidential election only weeks away.

Price were also pressured by data from the American Petroleum Institute showing U.S. oil stockpiles rose by 951,000 barrels last week.

Energy companies secured offshore production platforms and evacuated workers on Tuesday, some for the sixth time this year, as Hurricane Delta took aim at U.S. oil production in the Gulf of Mexico.

The storm has shut 29.2% of offshore oil production in the Gulf, which accounts for 17% of total U.S. crude oil output.

The storm has shut 29.2% of offshore oil production in the Gulf, which accounts for 17% of total U.S. crude oil output.


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