The gains made by crude oil trade following optimism over the US stimulus package unfortunately did not last long, after receiving a shock from data published by the American Petroleum Institute (API).
The latest data from the API shows US crude oil inventories increased by 584,000 barrels last week after recording a significant decline of 5.4 million barrels in the previous week.
The benchmark U.S. WTI crude futures traded lower at $ 41.48 a barrel, while Brent crude declined at $ 42.90 a barrel.
Both benchmarks during the previous session, recorded an increase of more than 1% as supported by the prospect that the White House and Democrats are getting closer to an agreement on US aid.
However, after the end of the 48-hour period given by the Democrat, Nancy Pelosi, both parties have not yet reached a decision.
Nevertheless, the market remains optimistic that an agreement can be reached, especially after President Donald Trump stated that he wanted a bigger boost from Democrats.
The market is now looking forward to further developments in the discussions that continue today.
