Oil prices fell more than 1% on Wednesday, extending the prior session’s losses, after industry data showed an unexpected 2.7 million barrel build in US crude inventories for the week to December, 18th. Investors were also nervous following reports that US President Donald Trump rejected the $900 billion stimulus bill. The leader called it a “disgrace, asking “Congress to amend this bill and increase the ridiculously low $600 to $2,000, or $4,000 for a couple”.
Further weighing sentiment, more than 40 countries have shut their borders to the UK following the emergence of a new strain of COVID-19. Traders now await crude oil supply data from the EIA later in the day. At around 07:00 AM GMT, WTI crude sank 1.5% to $46.34 a barrel. Brent crude also plunged 1.5% to $49.35 a barrel.