Fox Business Flash top headlines for October 6
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SINGAPORE - Oil prices slipped 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 build-up in U.S. crude stocks.
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U.S. West Texas Intermediate (WTI) crude CLc1 oil futures fell 87 cents, or 2.1%, to $39.80 a barrel by 0104 GMT while Brent crude LCOc1 futures fell by 74 cents, or 1.7%, to $41.91 a barrel.
President Trump, still being treated for COVID-19, ended talks on Tuesday with Democrats on an economic aid package for his pandemic-hit country with the U.S. presidential election only weeks away.
AMERICAN OIL REFINERIES RACE TO PRODUCE RENEWABLE DIESEL AHEAD OF CANADIAN COMPETITION: REPORT
Price were also pressured by data from the American Petroleum Institute showing U.S. crude oil stocks rose by 951,000 barrels last week – more than expected. <API/S>
“(This was) not exactly what the recovery doctor ordered as the oil market was already tanking from a two-week high after President Trump quashed hope for a pre-election stimulus deal,” said Stephen Innes, chief market strategist, at online brokerage AxiCorp.