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 america.

Brent crude futures have 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 predicted to name on Congress to go a three-month suspension of the 18.4 cents per gallon federal gasoline tax to assist fight document pump prices, in accordance to Reuters.

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


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