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6/22, 6:11 AM (Source: TeleTrader)
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Oil prices down as Biden calls for gas tax suspension

Prices of crude oil lost overnight on Wednesday after it was reported that US President Joe Biden intends to push Congress to lift the federal 18-cent-per-gallon tax in the summer months in order to reduce soaring fuel prices.

The black gold started to decline late last week after fears of a recession in the West were sparked by the world's greatest economy making its most aggressive move on rates in nearly three decades.

At 5:37 am CET, West Texas Intermediate (WTI) for July settlement was down by 3.76%, going for $105.54 per barrel, while Brent for the same month lost 3.37% to settle at $108.11 per barrel at 5.58 am ET.

Baha Breaking News (BBN) / NL