Oil prices fall as U.S. moves to cut fuel tax

The prices of crude oil plummeted 4 per cent on Wednesday amid a push by the U.S. president, Joe Biden, to cut taxes on fuel to cut prices in the US.

Brent crude futures had been down $4.65, or 4.1 per cent, at $110.00 a barrel whereas U.S. West Texas Intermediate (WTI) futures fell $5.08, or 4.6 per cent, to $104.44 by 0918 GMT.

Earlier within the session, each contracts had shed over $6 every to hit their lowest ranges since Could 19 and 12, respectively, Reuters reported.

On Wednesday, Mr Biden is anticipated to name on Congress to cross a three-month suspension of the 18.4 cents per gallon federal gasoline tax to assist fight document pump prices, in accordance to Reuters.

ALSO READ: OPEC agrees to improve output as EU bans Russian oil

Reuters quoted a authorities official as saying, “A federal fuel tax suspension alone gained’t repair the issue we face, however it’ll present households slightly respiratory room as we proceed working to carry down prices for the lengthy haul”.


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