On Wednesday, oil prices slumped on the cancelling of US talks for the fourth stimulus package to spur the economy affected by the coronavirus. The report on larger build-up in US crude inventories than expected also pressed down on prices.
By 01.04 GMT, Brent crude oil futures slipped by 1.7% or 74 cents to USD41.91/barrel while the US WTI dropped by 2.1% or 87 cents to USD39.80/barrel.
On Tuesday, US President Donald Trump ended the talks with Democrats on an economic aid package just within weeks of US presidential election.
Reading from the American Petroleum Institute (API) showed a bigger increase in US crude oil inventories by 951,000 barrels.
However, some factors still cushioned the fall of oil prices.
The upcoming Hurricane Delta which aims US oil production in the Gulf of Mexico has driven offshore production platforms being secured with workers evacuated on Tuesday.
The energy workers’ strike in Norway would be expanded from October 10, unless a wage deal can be reached in the meantime. The strike closed six offshore oil and gas fields on Monday, slashing Norway’s output capacity by 8%.
