Trump, US Oil Stocks - Black Gold Investors Face 2X Double Pressure!

 Black commodities traded lower on Wednesday after being affected by the actions of US President Donald Trump who had stopped negotiations on a new stimulus.


Brent and WTI crude futures in the United States declined by more than 1% with trading at $ 42.23 a barrel and $ 40.12 a barrel, respectively.


The surprise move from Trump was completely unexpected by investors as the market was previously supported by confidence from two parties who are intensifying negotiations ahead of the November 3 presidential election.


This has driven all assets at risk of falling and pushed the US dollar to rise again against major currencies.



However, Trump in his latest speech calmed the market again by urging Congress to immediately approve support assistance to airlines and small businesses.


This statement to some extent backed the global stock market and commodities to rise again.


Meanwhile, black commodity trading was also under pressure by data from the American Petroleum Institute (API) which showed an increase in US crude oil supply of 951,000 barrels last week.