Crude oil futures ended lower on Wednesday as hopes about a new stimulus package faded after US President Donald Trump halted negotiations with Democrats, and data showed an increase in crude stockpiles last week. The Energy Information Administration reported that US crude inventories rose by 500,000 barrels for the week ended October 2. The American Petroleum Institute on Tuesday had reported a rise of 951,000 barrels. However, prices finished off the session’s worst levels following reports that more than 80% of oil production in the Gulf of Mexico has been halted as a major hurricane approaches the region.
Crude oil futures for November dropped 72 cents or 1.8 percent to settle at $39.95 a barrel on the New York Mercantile Exchange. December Brent crude fell 66 cents or 1.6 percent to settle at $41.99 a barrel on London's Intercontinental Exchange.