Ok//@PearlynCSY: Oil prices tu

2022-06-22

Ok//@PearlynCSY: Oil prices tumbled on Wednesday amid a push by U.S. President Joe Biden to cut taxes on fuel to cut costs for drivers amid aggravated relations between the White House and the U.S. oil industry.Brent crude futures were down $4.76, or 4.2%, at $109.89 a barrel while U.S. West Texas Intermediate (WTI) futures fell $5.11, or 4.7%, to $104.34.Earlier in the session, both contracts had shed over $6 each to hit their lowest levels since May 19 and 12, respectively.Biden on Wednesday is expected to ask Congress to greenlight a three-month suspension of the 18.4 cents per gallon federal tax on gasoline and call on states to suspend their fuel taxes, a senior administration official said.

Crude Oil Futures Tumbled on Wednesday

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Comments

JohnMitchell
2022-06-22
JohnMitchell
Oil prices haven't come down yet. The Fed will do more.
CYberviRus
2022-06-22
CYberviRus
Thank you
乔希98
2022-06-22
乔希98
赞
Lin_H
2022-06-22
Lin_H
Ok
ldmmc
2022-06-22
ldmmc
7
Waimun
2022-06-22
Waimun
👍🏻

Leave a comment

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Similarly Brent crude futures dropped $5.38, or 4.7%, to $109.27 a barrel.</p><p><img src=\"https://static.tigerbbs.com/7bfdac71ab8434cd57da57359e426d50\" tg-width=\"380\" tg-height=\"123\" referrerpolicy=\"no-referrer\"/></p><p>As the United States struggles to tackle soaring gasoline prices and inflation, President Joe 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.</p><p>&#34;I think the non-stop Biden headlines, with the administration seemingly in inflation panic mode, have played a part in the latest sell-off as investors hate any uncertainty, even if irrational in the context of the known supply concerns,&#34; said Stephen Innes, managing partner at SPI Asset Management, in a note.</p><p>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.</p><p>Chevron Chief Executive Michael Wirth, however, on Tuesday, said criticising the oil industry was not the way to bring down fuel prices.</p><p>&#34;These actions are not beneficial to meeting the challenges we face,&#34; Wirth said in a letter addressed to Biden, which sparked a response from Biden saying the industry was being too sensitive.</p><p>Despite worries about inflation, demand is still on the road to recovery to pre-COVID levels and supply is expected to lag demand growth, keeping the market tight, as flagged by trading giant Vitol and Exxon Mobil Corp this week.</p><p>&#34;The market is still coming to terms with the increasing disruption to Russian oil. 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Similarly Brent crude futures dropped $5.38, or 4.7%, to $109.27 a barrel.As the United States struggles to tackle soaring gasoline prices and inflation, President Joe 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 sell-off 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 criticising the oil industry was not the way to bring down fuel prices.\"These actions are not beneficial to meeting the challenges we face,\" Wirth said in a letter addressed to Biden, which sparked a response from Biden saying the industry was being too sensitive.Despite worries about inflation, demand is still on the road to recovery to pre-COVID levels and supply is expected to lag demand growth, keeping the market tight, as flagged by trading giant Vitol and Exxon Mobil Corp this week.\"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, pointing to data showing that so far there has only been a relatively limited drop in Russian fuel supply to Europe since the conflict began.Meanwhile, U.S. oil refining capacity fell in 2021 for the second year in a row, the latest government data showed on Tuesday, as plant shutdowns kept whittling away at their ability to produce gasoline and diesel.The official data showed a capacity decline of 125,790 barrels per day (bpd) last year on top of the 800,000 bpd drop in 2020.","news_type":1},"isVote":1,"tweetType":1,"viewCount":517,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":589,"xxTargetLangEnum":"ORIG"},"commentList":[{"id":102487631,"commentId":"102487631","gmtCreate":1655893698691,"gmtModify":1663252536025,"authorId":9000000000000167,"author":{"id":9000000000000167,"idStr":"9000000000000167","authorId":9000000000000167,"name":"JohnMitchell","avatar":"https://static.tigerbbs.com/f348ed259c16ca350a06124ce87ee8bb","vip":8,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9043122080,"objectIdStr":"9043122080","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"Oil prices haven't come down yet. The Fed will do more.","text":"Oil prices haven't come down yet. The Fed will do more.","html":"Oil prices haven't come down yet. The Fed will do more.","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"valid","coins":0,"score":0},{"id":102487625,"commentId":"102487625","gmtCreate":1655893670445,"gmtModify":1663252538437,"authorId":4099364351782360,"author":{"id":4099364351782360,"idStr":"4099364351782360","authorId":4099364351782360,"name":"CYberviRus","avatar":"https://community-static.tradeup.com/news/01a9dd052e60cc14e090e6a5b7323791","vip":1,"currentWearingBadge":{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 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