Oil prices fell 3% on Wednesday after US President Donald Trump dashed hopes for another stimulus package to boost the coronavirus-hit economy and after US crude inventories rose in the most recent week. Brent crude LCOc1 futures were down $1.15, or 2.7%, to $41.51 a barrel by 1529 GMT while US West Texas Intermediate (WTI) crude CLc1 fell $1.21, or 3%, to $39.48 a barrel. White House Chief of Staff Mark Meadows on Wednesday 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.
Published in The Express Tribune, October 8th, 2020.
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