Oil falls nearly 2% on oversupply concerns
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 were down $1.15, or 2.7%, to $41.51 a barrel, while West Texas Intermediate (WTI) crude settled 72 cents, or 1.8% lower at $39.95 per barrel.
Oil prices were also hit by a slightly larger-than-expected build in U.S. crude inventories. Crude inventories rose by 501,000 barrels in the week to Oct. 2 to 492.9 million barrels, compared with analysts’ expectations in a Reuters poll for a 294,000-barrel rise.
Reference: CNBC
Thai
Eng