WTI crude deepens losses, falls below $40

07/10/2020 Argaam

Oil prices edged down on Wednesday, with WTI crude falling below the $40-mark amid concerns over demand levels as latest industry data showed a build-up in US crude inventories.

 

Meanwhile, US President Donald Trump’s decision to postpone the talks on a stimulus package to after the November elections, added to the downward pressure on the commodity’s prices.

 

Brent crude was trading down by 2.9% at $41.64 a barrel, at 2.55 am Makkah time.

 

US West Texas Intermediate (WTI) crude futures fell 2.9% to $39.50 a barrel.

 

Data from the American Petroleum Institute showed US crude oil stocks rose by 951,000 barrels last week. Official data on US stockpiles will be published by Energy Information Administration later today.

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