Oil slips as Trump cancels aid talks, U.S. crude stocks surge

07.10.2020 - Petr Mazaylo
Oil slips as Trump cancels aid talks, U.S. crude stocks surge

Oil prices slid on Wednesday after U.S. President Donald Trump quenched hopes for another stimulus package to support the economy and on a bigger-than-expected rise in U.S. crude stocks.

U.S. West Texas Intermediate crude oil futures dropped 2%, or 81 cents, at $39.86 per barrel. Brent crude futures lost 1.6%, or 70 cents, at $41.95 per barrel.

Trump ended talks with Democrats regarding an economic aid package on Tuesday, a few weeks from the presidential election.

Prices were also weighed by an unexpected 951,000-barrel rise in U.S. stockpiles last week. However, losses were capped by supply worries.

Offshore refineries in the U.S. Gulf were shut ahead of Hurricane Delta. About 29.2% of offshore oil production, or 17% of total U.S. crude output were closed down.

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