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

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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.

 

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