Oil prices fell 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 increase in U.S. crude inventories.

U.S. West Texas Intermediate (WTI) crude oil futures fell 81 cents, or 2%, to $39.86 a barrel by 0411 GMT while Brent crude futures fell by 70 cents, or 1.6%, to $41.95 a barrel, as reported by Reuters.

Read alsoOver 50% of entrepreneurs wary of economic crisis – pollPresident Trump, still being treated for COVID-19, ended talks on Tuesday with Democrats on an economic aid package for the United States, the world's biggest oil consumer, with the U.S. presidential election only weeks away.

Price were also pressured by data from the American Petroleum Institute showing U.S. oil stockpiles rose by 951,000 barrels last week.

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