Oil Prices Slid by $4/b

Oil Prices Slid by $4/b
Oil Prices Slid by $4/b

Oil prices dived more than $4 a barrel on Wednesday amid a push by US President Joe Biden to bring down soaring fuel costs, including pressure on the country's major energy firms to help ease the pain for drivers during peak summer consumption.
WTI crude futures were off lows but still down $4.04, or 3.7%, to $105.48 a barrel. Similarly, Brent crude futures dropped $3.87, or 3.4%, to $110.78 a barrel, reported.
As the United States struggles to tackle soaring gasoline prices and inflation, Biden is expected on Wednesday to call for temporarily suspending the 18.4-cents a gallon federal tax on gasoline, a source briefed on the plan told Reuters.
"I think the non-stop Biden headlines, with the administration seemingly in inflation panic mode, have played a part in the latest selloff as investors hate any uncertainty, even if irrational in the context of the known supply concerns," said Stephen Innes, managing partner at SPI Asset Management, in a note.
Seven oil companies are set to meet Biden on Thursday, under pressure from the White House to drive down fuel prices as they make record profits.
Chevron Chief Executive Michael Wirth, however, on Tuesday, said criticizing the oil industry was not the way to bring down fuel prices.

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