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Oil prices skid as Biden pushes for U.S. fuel cost cuts

By Sonali Paul and Mohi Narayan (Reuters) -Oil prices dived more than $4 a barrel on Wednesday amid a push by U.S. President Joe Biden to bring down soaring fuel costs, including...
Oil prices skid as Biden pushes for U.S. fuel cost cuts © Reuters. FILE PHOTO: A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, U.S. November 22, 2019. Picture taken November 22, 2019. REUTERS/Angus Mordant/

By Sonali Paul and Mohi Narayan

(Reuters) -Oil prices dived more than $4 a barrel on Wednesday amid a push by U.S. 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.

By 0425 GMT U.S. West Texas Intermediate (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.

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 (NYSE:CVX) 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 (NYSE:XOM) 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.

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27-06-2022 22:20:55 (UTC+7)

EUR/USD

1.0608

+0.0054 (+0.51%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

EUR/USD

1.0608

+0.0054 (+0.51%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

GBP/USD

1.2307

+0.0045 (+0.37%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

USD/JPY

135.13

-0.04 (-0.03%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (8)

AUD/USD

0.6942

-0.0006 (-0.08%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (2)

USD/CAD

1.2878

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (10)

EUR/JPY

143.34

+0.68 (+0.48%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (10)

Sell (0)

EUR/CHF

1.0137

+0.0028 (+0.28%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

Gold Futures

1,822.70

-7.60 (-0.42%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Silver Futures

21.267

+0.108 (+0.51%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Copper Futures

3.7760

+0.0315 (+0.84%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (8)

Crude Oil WTI Futures

109.16

+1.54 (+1.43%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

Brent Oil Futures

110.58

+1.48 (+1.36%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (5)

Natural Gas Futures

6.325

+0.044 (+0.70%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (3)

US Coffee C Futures

220.70

-2.55 (-1.14%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

Euro Stoxx 50

3,539.25

+6.08 (+0.17%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (3)

Sell (5)

S&P 500

3,916.10

+4.36 (+0.11%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (1)

DAX

13,177.17

+59.04 (+0.45%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (8)

FTSE 100

7,263.10

+54.29 (+0.75%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (5)

Hang Seng

22,229.52

+510.46 (+2.35%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (8)

US Small Cap 2000

1,775.40

+12.94 (+0.73%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (3)

IBEX 35

8,251.95

+7.85 (+0.10%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (4)

BASF SE NA O.N.

42.780

+0.565 (+1.34%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (2)

Sell (7)

Bayer AG NA

59.59

+1.80 (+3.11%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Allianz SE VNA O.N.

181.21

+0.01 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (4)

Sell (2)

Adidas AG

171.92

+1.56 (+0.92%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (11)

Deutsche Lufthansa AG

5.960

-0.006 (-0.10%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (5)

Sell (3)

Siemens AG Class N

103.76

+1.14 (+1.11%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (6)

Deutsche Bank AG

8.858

-0.061 (-0.68%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (7)

 EUR/USD1.0608↑ Buy
 GBP/USD1.2307↑ Buy
 USD/JPY135.13↑ Sell
 AUD/USD0.6942↑ Buy
 USD/CAD1.2878↑ Sell
 EUR/JPY143.34↑ Buy
 EUR/CHF1.0137↑ Sell
 Gold1,822.70↑ Sell
 Silver21.267↑ Sell
 Copper3.7760↑ Sell
 Crude Oil WTI109.16Sell
 Brent Oil110.58Neutral
 Natural Gas6.325↑ Buy
 US Coffee C220.70↑ Sell
 Euro Stoxx 503,539.25Sell
 S&P 5003,916.10↑ Buy
 DAX13,177.17↑ Sell
 FTSE 1007,263.10Neutral
 Hang Seng22,229.52↑ Sell
 Small Cap 20001,775.40Neutral
 IBEX 358,251.95Neutral
 BASF42.780↑ Sell
 Bayer59.59↑ Buy
 Allianz181.21↑ Buy
 Adidas171.92↑ Sell
 Lufthansa5.960Neutral
 Siemens AG103.76↑ Sell
 Deutsche Bank AG8.858↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,775/ 6,845
(15/ 5) # 1,667
SJC HCM6,790/ 6,860
(5/ -5) # 1,683
SJC Hanoi6,790/ 6,862
(5/ -5) # 1,685
SJC Danang6,790/ 6,862
(5/ -5) # 1,685
SJC Nhatrang6,790/ 6,862
(5/ -5) # 1,685
SJC Cantho6,790/ 6,862
(5/ -5) # 1,685
Cập nhật 27-06-2022 22:20:58
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ↀ Giá vàng thế giới
$1,823.21-7.74-0.42%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V33.47034.130
RON 95-III32.87033.520
E5 RON 92-II31.30031.920
DO 0.05S30.01030.610
DO 0,001S-V30.81031.420
Dầu hỏa 2-K28.78029.350
ↂ Giá dầu thô thế giới
WTI$108.16-2.73-2.59%
Brent$110.72-2.67-2.47%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.080,0023.390,00
EUR23.932,6125.273,13
GBP27.815,2929.001,83
JPY167,64177,48
KRW15,5718,97
Cập nhật lúc 18:53:21 27/06/2022
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