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Oil slumps by more than $5 as Biden expected to cut U.S. fuel cost

By Shadia Nasralla (Reuters) - Oil prices tumbled by more than $6 a barrel on Wednesday amid a push by U.S. President Joe Biden to cut fuel costs for drivers in the latest episode...
Oil slumps by more than $5 as Biden expected to cut U.S. fuel cost © 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 by more than $6 a barrel on Wednesday amid a push by U.S. President Joe Biden to cut fuel costs for drivers in the latest episode to aggravate relations between the White House and the U.S. oil industry.

Brent crude futures were down $5.10, or 4.5%, to $109.55 a barrel while U.S. West Texas Intermediate (WTI) futures were down $5.37, or 5.9%, at $104.15 as of 0800 GMT.

The contracts earlier hit their lowest levels since May 19 and 12, respectively.

Biden on Wednesday is expected to call for temporarily suspending the 18.4 cents per gallon federal tax on gasoline, a source said, as the United States, the world's largest oil consumer, struggles to tackle soaring gasoline prices and inflation.

"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. On Thursday, seven oil companies are set to meet the president under pressure from the White House to drive down fuel prices 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, as plant shutdowns whittled away at their ability to produce gasoline and diesel.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (2)

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GBP/USD

1.2475

-0.0015 (-0.12%)

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↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

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AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

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USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

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EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

Moving Avg:

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EUR/CHF

0.9808

+0.0001 (+0.01%)

Summary

Neutral

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Gold Futures

2,295.80

-7.10 (-0.31%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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Sell (9)

Silver Futures

26.677

+0.023 (+0.09%)

Summary

↑ Sell

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Copper Futures

4.5305

-0.0105 (-0.23%)

Summary

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Crude Oil WTI Futures

81.14

-0.79 (-0.96%)

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↑ Sell

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Brent Oil Futures

85.62

-0.71 (-0.82%)

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↑ Sell

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Natural Gas Futures

1.946

-0.009 (-0.46%)

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US Coffee C Futures

213.73

-13.77 (-6.05%)

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Euro Stoxx 50

4,920.55

-60.54 (-1.22%)

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Moving Avg:

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Sell (7)

S&P 500

5,035.69

-80.48 (-1.57%)

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↑ Sell

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DAX

17,921.95

-196.37 (-1.08%)

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FTSE 100

8,144.13

-2.90 (-0.04%)

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Sell

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Sell (4)

Hang Seng

17,763.03

+16.12 (+0.09%)

Summary

↑ Sell

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Sell (12)

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Sell (6)

US Small Cap 2000

1,973.05

-42.98 (-2.13%)

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↑ Sell

Moving Avg:

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Sell (12)

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Buy (0)

Sell (7)

IBEX 35

10,854.40

-246.40 (-2.22%)

Summary

Neutral

Moving Avg:

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Sell (6)

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Sell (3)

BASF SE NA O.N.

49.155

+0.100 (+0.20%)

Summary

↑ Sell

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Sell (7)

Bayer AG NA

27.35

-0.24 (-0.87%)

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Allianz SE VNA O.N.

266.60

+0.30 (+0.11%)

Summary

↑ Sell

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Adidas AG

226.40

-5.90 (-2.54%)

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Deutsche Lufthansa AG

6.714

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Summary

Neutral

Moving Avg:

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Siemens AG Class N

175.90

-1.74 (-0.98%)

Summary

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Deutsche Bank AG

15.010

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Summary

Neutral

Moving Avg:

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank8,300/ 8,500
(8,300/ 8,500) # 1,298
SJC 1L, 10L, 1KG8,300/ 8,520
(0/ 0) # 1,510
SJC 1c, 2c, 5c7,380/ 7,550
(0/ 0) # 540
SJC 0,5c7,380/ 7,560
(0/ 0) # 550
SJC 99,99%7,370/ 7,470
(0/ 0) # 460
SJC 99%7,196/ 7,396
(0/ 0) # 386
Cập nhật 01-05-2024 10:45:19
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ↀ Giá vàng thế giới
$2,285.72-47.5-2.04%
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Sản phẩmVùng 1Vùng 2
RON 95-V25.44025.940
RON 95-III24.91025.400
E5 RON 92-II23.91024.380
DO 0.05S20.71021.120
DO 0,001S-V21.32021.740
Dầu hỏa 2-K20.68021.090
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WTI$80.83+3.390.04%
Brent$85.50+3.860.05%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD25.088,0025.458,00
EUR26.475,3627.949,19
GBP30.873,5232.211,36
JPY156,74166,02
KRW15,9219,31
Cập nhật lúc 10:45:15 01/05/2024
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