Oil prices fell on Wednesday after US President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy and on a larger-than-expected increase in US crude inventories.

US West Texas Intermediate (WTI) crude oil futures fell 81 cents, or 2 per cent, to $39.86 a barrel by 0411 GMT while Brent crude futures fell by 70 cents, or 1.6 per cent, to $41.95 a barrel.

“Crude prices got hammered with a one-two punch after President Trump sent all risky assets into freefall after ending negotiations on fiscal stimulus and after US crude stockpiles posted their first build in four weeks,” said Edward Moya, senior market analyst at OANDA.

President Trump, still being treated for COVID-19, ended talks on Tuesday with Democrats on an economic aid package for the US, the world’s biggest oil consumer, with the US presidential election only weeks away.

“President Trump’s decision to

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SINGAPORE (Reuters) – Oil prices fell on Wednesday after U.S. President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy and on a larger-than-expected increase in U.S. crude inventories.

U.S. West Texas Intermediate (WTI) crude oil futures fell 81 cents, or 2%, to $39.86 a barrel by 0411 GMT while Brent crude

futures fell by 70 cents, or 1.6%, to $41.95 a barrel.

“Crude prices got hammered with one-two punch after President Trump sent all risky assets into freefall after ending negotiations on fiscal stimulus and after US crude stockpiles posted their first build in four weeks,” said Edward Moya, senior market analyst at OANDA.

President Trump, still being treated for COVID-19, ended talks on Tuesday with Democrats on an economic aid package for the United States, the world’s biggest oil consumer, with the U.S. presidential election only weeks away.

“President Trump’s decision to end

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SAN FRANCISCO —
Widespread blackouts to reduce pressure on the electric grid were averted Monday night after regulators warned earlier in the day that they would not have enough power to meet demand in the midst of a heat wave.

The California Independent System Operator lifted its emergency declaration shortly before 8 p.m. Monday, after the state’s power grid operator had warned that it expected to implement rotating outages that could have left millions of Californians in the dark for up to two hours.

California ISO would have ordered utilities to shed their power loads as demand for electricity to cool homes soared. The operator had said as many as 3.3 million homes and businesses would be affected but later reduced that to around a half-million before cancelling the option.

Pleas for people to leave their air conditioners at higher temperatures and avoid using washing machines and other major appliances

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