Oil declined after a US government report showed an expansion in crude stockpiles. (Bloomberg) — Oil declined after a U.S. government report showed an expansion in crude stockpiles during a time when fiscal relief from Washington remains up in the air. Futures in New York dropped 1.8% on Wednesday. U.S. crude stockpiles increased 501,000 barrels last week, while supplies at the nation’s biggest storage hub at Cushing, Oklahoma, climbed to the highest level since May, according to Energy Information Administration data. Yet, oil pared some of its losses in afternoon trading as Hurricane Delta headed toward the energy-producing Gulf of Mexico region, where operators have shut 80% of oil output. A rally in U.S. equities also lent support, with President Donald Trump backing a piecemeal approach to aid after pausing stimulus talks until after the election. “Traders are still digesting what the future is for demand,” said Josh Graves, […]