Oil falls 2% on U.S. stimulus impasse, stockpile rise
By Stephanie Kelly NEW YORK (Reuters) - Oil prices fell nearly 2% on Wednesday after U.S. President Donald Trump dashed hopes for another stimulus package to boost the coronavirus-hit economy and after U.S
By Stephanie Kelly
NEW YORK (Reuters) - Oil prices fell nearly 2% on Wednesday after U.S. President Donald Trump dashed hopes for another stimulus package to boost the coronavirus -hit economy and after U.S. crude inventories rose in the most recent week.
Brent crude futures
White House Chief of Staff Mark Meadows said he was not optimistic that a comprehensive deal could be reached on further COVID-19 financial aid and that the Trump administration backed a more piecemeal approach.
"Trump pulling out of relief negotiations generates a lot of uncertainty about the economy," said Harry Tchilinguirian, head of commodities research at BNP Paribas.
Oil prices were also hit by a slightly larger-than-expected build in U.S. crude inventories. Crude inventories
Meanwhile, gasoline stocks
"We are seeing solid improvement in the refined product demand front," said John Kilduff, partner at Again Capital LLC in New York.
Energy companies secured offshore platforms and evacuated workers on Tuesday, some for the sixth time this year, as Hurricane Delta threatened U.S. oil output in the Gulf of Mexico.
The storm has shut 29% of offshore oil production in the Gulf, which accounts for 17% of total U.S. crude output.
In Norway, the Lederne labour union said on Tuesday that it will expand oil strike from Oct. 10 unless a wage deal can be reached. Six offshore oil and gas fields shut down on Monday because of the strike, cutting Norway's output capacity by 8%.
Norway's Johan Sverdrup oilfield, the North Sea's largest with an output capacity of up to 470,000 barrels of oil per day, will likely have to shut production unless the strike ends by Oct. 14, operator Equinor
(Reporting by Stephanie Kelly in New York; additional reporting by Julia Payne in London and Jessica Jaganathan in Singapore; Editing by David Goodman and David Gregorio)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.