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Oil slumps 4% as Biden set to cut fuel costs for drivers

By Shadia Nasralla (Reuters) -Oil prices tumbled on Wednesday on news of a plan by U.S. President Joe Biden to cut fuel costs for drivers and amid concerns over a potential...
Oil slumps 4% as Biden set to cut fuel costs for drivers © 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 Shadia Nasralla

(Reuters) -Oil prices tumbled on Wednesday on news of a plan by U.S. President Joe Biden to cut fuel costs for drivers and amid concerns over a potential economic recession after recent central bank rate hikes, which also weighed on equities.

Brent crude futures were down $4.62, or 4%, at $110.03 a barrel while U.S. West Texas Intermediate (WTI) futures fell $4.96, or 4.5%, to $104.56 by 1040 GMT.

Earlier in the session, both contracts had shed over $6 each to hit their lowest since May 19 and 12, respectively.

Oil prices often move in tandem with stocks, which also took a hit as investors assessed how interest rate hikes designed to cool soaring inflation might stall an economic recovery as pandemic restrictions have eased. [MKTS/GLOB]

Biden on Wednesday is expected to ask Congress to consider 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.

Lawmakers of both major parties have expressed resistance to suspending the federal tax.

Commerzbank (ETR:CBKG)'s commodities analyst Carsten Fritsch said, if successful, the tax cut would likely "support prices by stimulating demand for gasoline."

PVM analyst Stephen Brennock said that while lower consumer prices could be seen as a bullish demand signal, a tax cut could also induce expectations of further measures by the Biden administration to cool rallying energy prices.

Biden is expected to make the announcement at 1800 GMT.

The White House asked the CEOs of seven oil companies to a meeting this week to discuss ways to increase production capacity and reduce fuel prices of around $5 a gallon as they make record profits.

Chevron (NYSE:CVX) CEO Michael Wirth said criticising the oil industry was not the way to bring down fuel prices and that the government had to change its approach. Biden replied commenting on the industry's easily hurt feelings.

Global supply is still expected to lag demand growth, as flagged by trading giant Vitol and Exxon Mobil Corp (NYSE:XOM) this week.

The $2.4 trillion set to be invested in energy this year includes record spending on renewables but falls short of plugging a supply gap and tackling climate change, the International Energy Agency said on Wednesday.

Meanwhile, U.S. oil refining capacity fell in 2021 for the second year in a row, government data showed.

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25-06-2022 23:16:43 (UTC+7)

EUR/USD

1.0554

+0.0031 (+0.29%)

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EUR/USD

1.0554

+0.0031 (+0.29%)

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Buy

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Buy (11)

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GBP/USD

1.2272

+0.0012 (+0.10%)

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USD/JPY

135.23

+0.29 (+0.22%)

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AUD/USD

0.6944

+0.0055 (+0.80%)

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USD/CAD

1.2891

-0.0103 (-0.79%)

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EUR/JPY

142.71

+0.71 (+0.50%)

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EUR/CHF

1.0114

-0.0001 (-0.01%)

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Gold Futures

1,828.10

-1.70 (-0.09%)

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Silver Futures

21.130

+0.088 (+0.42%)

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Copper Futures

3.7365

-0.0025 (-0.07%)

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Crude Oil WTI Futures

107.06

+2.79 (+2.68%)

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↑ Sell

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Brent Oil Futures

113.19

+3.14 (+2.85%)

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Natural Gas Futures

6.173

-0.066 (-1.06%)

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US Coffee C Futures

223.40

-5.60 (-2.45%)

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Euro Stoxx 50

3,533.17

+96.88 (+2.82%)

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Neutral

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S&P 500

3,911.74

+116.01 (+3.06%)

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↑ Buy

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DAX

13,118.13

+205.54 (+1.59%)

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FTSE 100

7,208.81

+188.36 (+2.68%)

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21,719.06

+445.19 (+2.09%)

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US Small Cap 2000

1,765.74

+54.06 (+3.16%)

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↑ Buy

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IBEX 35

8,244.10

+137.70 (+1.70%)

Summary

Sell

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BASF SE NA O.N.

42.215

+0.785 (+1.89%)

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Bayer AG NA

57.79

-0.75 (-1.28%)

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181.20

+2.20 (+1.23%)

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Adidas AG

170.36

+3.30 (+1.98%)

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5.966

-0.310 (-4.94%)

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Siemens AG Class N

102.62

+3.36 (+3.39%)

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8.919

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 EUR/USD1.0554Buy
 GBP/USD1.2272↑ Sell
 USD/JPY135.23↑ Buy
 AUD/USD0.6944↑ Sell
 USD/CAD1.2891↑ Sell
 EUR/JPY142.71↑ Buy
 EUR/CHF1.0114↑ Sell
 Gold1,828.10↑ Buy
 Silver21.130Neutral
 Copper3.7365Sell
 Crude Oil WTI107.06↑ Sell
 Brent Oil113.19↑ Sell
 Natural Gas6.173↑ Buy
 US Coffee C223.40↑ Buy
 Euro Stoxx 503,533.17Neutral
 S&P 5003,911.74↑ Buy
 DAX13,118.13↑ Sell
 FTSE 1007,208.81↑ Buy
 Hang Seng21,719.06↑ Buy
 Small Cap 20001,765.74↑ Buy
 IBEX 358,244.10Sell
 BASF42.215↑ Buy
 Bayer57.79↑ Sell
 Allianz181.20↑ Sell
 Adidas170.36↑ Sell
 Lufthansa5.966↑ Sell
 Siemens AG102.62↑ Buy
 Deutsche Bank AG8.919↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,760/ 6,840
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SJC HCM6,785/ 6,865
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SJC Hanoi6,785/ 6,867
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SJC Nhatrang6,785/ 6,867
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Cập nhật lúc 18:51:12 25/06/2022
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