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Oil slumps over 6% 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 over 6% 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 $7.49, or 6.5%, by 1313 GMT at $107.16 a barrel, their biggest fall in percentage terms in three months. U.S. West Texas Intermediate (WTI) futures fell $7.74, or 7.1%, to $101.78, its biggest daily drop in percentage terms since March 9.

Both contracts hit their lowest since May 19 and 11, 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 officials' 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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27-06-2022 22:05:49 (UTC+7)

EUR/USD

1.0596

+0.0042 (+0.40%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (5)

Sell (3)

EUR/USD

1.0596

+0.0042 (+0.40%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (5)

Sell (3)

GBP/USD

1.2303

+0.0041 (+0.33%)

Summary

↑ Buy

Moving Avg:

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Sell (1)

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Sell (0)

USD/JPY

135.20

+0.03 (+0.02%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6940

-0.0008 (-0.12%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

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USD/CAD

1.2878

-0.0015 (-0.12%)

Summary

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EUR/JPY

143.26

+0.60 (+0.42%)

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EUR/CHF

1.0134

+0.0025 (+0.25%)

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Gold Futures

1,823.65

-6.65 (-0.36%)

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Silver Futures

21.250

+0.091 (+0.43%)

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Copper Futures

3.7850

+0.0405 (+1.08%)

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Crude Oil WTI Futures

109.33

+1.71 (+1.59%)

Summary

↑ Buy

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Brent Oil Futures

110.70

+1.60 (+1.47%)

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Natural Gas Futures

6.301

+0.020 (+0.32%)

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US Coffee C Futures

221.13

-2.12 (-0.95%)

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Euro Stoxx 50

3,542.35

+9.18 (+0.26%)

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Buy

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S&P 500

3,915.23

+3.49 (+0.09%)

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Neutral

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DAX

13,183.53

+65.40 (+0.50%)

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FTSE 100

7,260.90

+52.09 (+0.72%)

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Hang Seng

22,229.52

+510.46 (+2.35%)

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↑ Sell

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US Small Cap 2000

1,775.40

+12.94 (+0.73%)

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↑ Buy

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IBEX 35

8,255.46

+11.36 (+0.14%)

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↑ Buy

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BASF SE NA O.N.

42.775

+0.560 (+1.33%)

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Bayer AG NA

59.45

+1.66 (+2.87%)

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Allianz SE VNA O.N.

181.20

0.00 (0.00%)

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Adidas AG

171.82

+1.46 (+0.86%)

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Deutsche Lufthansa AG

6.003

+0.037 (+0.62%)

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Siemens AG Class N

103.84

+1.22 (+1.19%)

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Deutsche Bank AG

8.873

-0.046 (-0.52%)

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 EUR/USD1.0596Buy
 GBP/USD1.2303↑ Buy
 USD/JPY135.20↑ Buy
 AUD/USD0.6940Neutral
 USD/CAD1.2878↑ Sell
 EUR/JPY143.26↑ Buy
 EUR/CHF1.0134↑ Buy
 Gold1,823.65↑ Sell
 Silver21.250↑ Sell
 Copper3.7850↑ Buy
 Crude Oil WTI109.33↑ Buy
 Brent Oil110.70↑ Buy
 Natural Gas6.301↑ Buy
 US Coffee C221.13↑ Buy
 Euro Stoxx 503,542.35Buy
 S&P 5003,915.23Neutral
 DAX13,183.53Buy
 FTSE 1007,260.90↑ Buy
 Hang Seng22,229.52↑ Sell
 Small Cap 20001,775.40↑ Buy
 IBEX 358,255.46↑ Buy
 BASF42.775↑ Buy
 Bayer59.45↑ Buy
 Allianz181.20↑ Buy
 Adidas171.82↑ Buy
 Lufthansa6.003↑ Buy
 Siemens AG103.84↑ Buy
 Deutsche Bank AG8.873↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,775/ 6,845
(15/ 5) # 1,667
SJC HCM6,790/ 6,860
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SJC Hanoi6,790/ 6,862
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SJC Danang6,790/ 6,862
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SJC Nhatrang6,790/ 6,862
(5/ -5) # 1,685
SJC Cantho6,790/ 6,862
(5/ -5) # 1,685
Cập nhật 27-06-2022 22:05:51
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ↀ Giá vàng thế giới
$1,823.36-7.59-0.41%
Live 24 hour Gold Chart
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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
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WTI$108.22-2.79-2.65%
Brent$110.73-2.69-2.48%
$ 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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