Oil prices dropped on wednesday after US president Donald Trump rushed hopes for a fourth stimulus package to boost the coronavirus-hit economy and on a  bigger-than-anticipated gain in US crude inventories.

US West Texas Intermediate (WTI) crude oil futures declined 42 cents, or 1%, to $40.25 a barrel by 0648 GMT while Brent crude futures dropped 30 cents, or 0.7%, to $42.35 a barrel. 

President Trump, still being treated for coronavirus infection, closed talks on Tuesday with Democrats on an economic aid package for the US, the world’s largest oil consumer, with the only two weeks away until the US presidential election. 

Prices were also pushed by data from the American Petroleum Institute indicating US oil stockpiles increased by 951,000 barrels last week.