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Oil slumps by around $5 as Biden calls for fuel tax cut

By Shadia Nasralla (Reuters) -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...
Oil slumps by around $5 as Biden calls for fuel tax cut © 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 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 $4.65, or 4.1%, at $110.00 a barrel while U.S. West Texas Intermediate (WTI) futures fell $5.08, or 4.6%, to $104.44 by 0918 GMT.

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.

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

"The latest in a long line of attempts to temper surging prices at the pumps is having the desired effect. Yet whether this knee-jerk reaction will stand the test of time is by no means guaranteed," said PVM's Stephen Brennock, pointing to an expected summer demand surge.

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 on Tuesday.

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26-06-2022 17:47:06 (UTC+7)

EUR/USD

1.0554

+0.0031 (+0.29%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (4)

EUR/USD

1.0554

+0.0031 (+0.29%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (4)

GBP/USD

1.2272

+0.0012 (+0.10%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (6)

USD/JPY

135.23

+0.29 (+0.22%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

AUD/USD

0.6944

+0.0055 (+0.80%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

USD/CAD

1.2891

-0.0103 (-0.79%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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EUR/JPY

142.71

+0.71 (+0.50%)

Summary

↑ Buy

Moving Avg:

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Sell (1)

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Sell (1)

EUR/CHF

1.0114

-0.0001 (-0.01%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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Gold Futures

1,828.10

-1.70 (-0.09%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

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Sell (0)

Silver Futures

21.130

+0.088 (+0.42%)

Summary

Sell

Moving Avg:

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Sell (12)

Indicators:

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Sell (4)

Copper Futures

3.7365

-0.0025 (-0.07%)

Summary

Sell

Moving Avg:

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Sell (11)

Indicators:

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Sell (4)

Crude Oil WTI Futures

107.06

+2.79 (+2.68%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Brent Oil Futures

113.19

+3.14 (+2.85%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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Natural Gas Futures

6.173

-0.066 (-1.06%)

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Indicators:

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Sell (0)

US Coffee C Futures

223.40

-5.60 (-2.45%)

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Sell (2)

Indicators:

Buy (7)

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Euro Stoxx 50

3,533.17

+96.88 (+2.82%)

Summary

Neutral

Moving Avg:

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Sell (8)

Indicators:

Buy (4)

Sell (4)

S&P 500

3,911.74

+116.01 (+3.06%)

Summary

↑ Buy

Moving Avg:

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DAX

13,118.13

+205.54 (+1.59%)

Summary

↑ Sell

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Indicators:

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FTSE 100

7,208.81

+188.36 (+2.68%)

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Sell (4)

Indicators:

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Sell (1)

Hang Seng

21,719.06

+445.19 (+2.09%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

Buy (6)

Sell (0)

US Small Cap 2000

1,765.74

+54.06 (+3.16%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

Buy (9)

Sell (0)

IBEX 35

8,244.10

+137.70 (+1.70%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (3)

Sell (5)

BASF SE NA O.N.

42.215

+0.785 (+1.89%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

Bayer AG NA

57.79

-0.75 (-1.28%)

Summary

↑ Sell

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Allianz SE VNA O.N.

181.20

+2.20 (+1.23%)

Summary

↑ Sell

Moving Avg:

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Sell (10)

Indicators:

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Sell (4)

Adidas AG

170.36

+3.30 (+1.98%)

Summary

↑ Sell

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Sell (5)

Deutsche Lufthansa AG

5.966

-0.310 (-4.94%)

Summary

↑ Sell

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Sell (6)

Siemens AG Class N

102.62

+3.36 (+3.39%)

Summary

↑ Buy

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Deutsche Bank AG

8.919

+0.407 (+4.78%)

Summary

↑ Buy

Moving Avg:

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Indicators:

Buy (8)

Sell (0)

 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
 Silver21.130Sell
 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
(6,760/ 6,840) # 1,696
SJC HCM6,785/ 6,865
(0/ 0) # 1,716
SJC Hanoi6,785/ 6,867
(0/ 0) # 1,718
SJC Danang6,785/ 6,867
(0/ 0) # 1,718
SJC Nhatrang6,785/ 6,867
(0/ 0) # 1,718
SJC Cantho6,785/ 6,867
(0/ 0) # 1,718
Cập nhật 26-06-2022 17:47:08
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Cập nhật lúc 17:44:21 26/06/2022
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