Please try another search
© Reuters.
By Zhang Mengying
Investing.com – Oil was down on Wednesday morning in Asia as U.S. President Joe Biden is set to push for U.S. fuel cost cuts.
Brent oil futures slid 3.03% to $111.18 by 12:40 a.m. ET (0440 GMT) and crude oil WTI futures dived 3.37% to $105.83.
U.S. President Joe Biden is expected on Wednesday to call on Congress to temporarily suspend a federal tax on gasoline to bring down soaring fuel prices and alleviate the pressure on consumers.
“Even oil traders acknowledged that higher oil prices hence higher gasoline prices would lead to a more aggressive tag team onslaught from the (U.S.) Fed pushing rates higher and the Biden administration getting increasingly more creative on the political and fiscal front to tame the energy inflation beast,” SPI Asset Management managing partner Stephen Innes told Reuters.
Seven oil companies are set to meet Biden on Thursday, under pressure from the White House to bring down fuel prices.
However, energy company Chevron’s Chief Executive Officer Michael Wirth said on Tuesday that criticizing the oil industry was not the way to lower fuel prices.
“These actions are not beneficial to meeting the challenges we face,” Wirth said in a letter to Biden.
Elsewhere, since European oil sanctions on Russia for its invasion of Ukraine haven’t taken effect, the supply is set to get tighter.
“The market is still coming to terms with the increasing disruption to Russian oil. European sanctions have yet to kick in,” ANZ Research analysts said in a note.
KABUL (Reuters) -A huge explosion struck a mosque in Kabul during evening prayers on Wednesday, witnesses and police said, with many feared dead or injured. Police said there were...
By Barani Krishnan Investing.com -- Is the gold rally already over? On paper, it appears so, after a critical support for futures of the yellow metal was broken on Wednesday, as a...
By Arathy Somasekhar HOUSTON (Reuters) -Oil prices rose about 1.5% after hitting a six-month low on Wednesday, as a steeper-than-expected drawdown in U.S. crude stocks outweighed...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.