Oil prices slump after Donald Trump ends stimulus talks
An industry report signalled US crude stockpiles rose for the first time in four weeks
07 October 2020 - 09:08
Oil retreated in New York after President Donald Trump said he’s halting stimulus talks until after the election and as an industry report signalled US crude stockpiles rose for the first time in four weeks.
Trump told his negotiators to stop discussions with Democratic leaders just hours after Federal Reserve chair Jerome Powell stepped up his call for more spending to avoid damaging the economic recovery. Futures declined as much as 2.6% before paring some losses after fresh comments from the president calling for support for airlines and the Paycheck Protection Program...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.