Oil prices fell on Wednesday after U.S. President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy and on a larger-than-expected build-up in U.S. crude stocks.
U.S. West Texas Intermediate crude oil futures fell 77 cents, or 1.9%, to $39.90 a barrel while Brent crude futures fell 70 cents, or 1.6%, to $41.95 per barrel.
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 firms secured offshore production platforms and sent workers offsite 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.
