Oil falls 2% on U.S. stimulus impasse, stockpile rise | Reuters

Oil falls 2% on U.S. stimulus impasse, stockpile rise | Reuters:

Oil prices fell nearly 2% on Wednesday after U.S. President Donald Trump dashed hopes for another stimulus package to boost the coronavirus-hit economy and after U.S. crude inventories rose in the most recent week.

Brent crude futures LCOc1 fell 66 cents, or 1.6%, to settle at $41.99 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 fell 72 cents, or 1.8%, to settle at $39.95 a barrel.

White House Chief of Staff Mark Meadows said he was not optimistic that a comprehensive deal could be reached on further COVID-19 financial aid and that the Trump administration backed a more piecemeal approach.

“Trump pulling out of relief negotiations generates a lot of uncertainty about the economy,” said Harry Tchilinguirian, head of commodities research at BNP Paribas.