Oil falls on surprise build in US crude stocks, Trump threat to US relief spending

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 66%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Oil fell in early trade on Wednesday after industry data showed U.S. crude oil stocks rose last week, defying expectations for a decline, and U.S.

President Donald Trump rattled markets by threatening not to sign a long-awaited COVID-19 relief bill.

U.S. West Texas Intermediate crude futures fell 46 cents, or 1per cent, to US$46.56 a barrel at 0142 GMT, while Brent crude futures dropped 46 cents, or 0.9per cent, to US$49.62.Both contracts fell nearly 2per cent on Tuesday, in a second straight session of declines, with Brent just managing to settle above US$50 ahead of the release of the data from the American Petroleum Institute .

"Rubbing salt in the oil market wounds today, oil prices lurched lower after yet another inventory build that was very much bearish to consensus," Axi chief market strategist Stephen Innes said in a note. Oil fell further after Trump threatened not to sign an US$892 billion coronavirus relief bill, saying he wants Congress to increase the amount in the stimulus checks which lawmakers approved on Monday.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Naturgy to invest up to US$1.8 billion in US after US$57 million acquisitionSpanish power company Naturgy plans to invest up to US$1.8 billion in the United States after making its first push into the U.S. renewable market ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »