Oil sank as investors weighed escalating concerns that the US may be headed for a recession, while the Biden administration prepared to step up its fight against lofty pump prices by calling for a tax holiday on gasoline.
US President Joe Biden will call for a gasoline tax holiday, a person familiar with the plan said, after the average US retail price topped $US5 a gallon this month following a surge of more than 50 per cent in 2022. The initiative comes ahead of a meeting Thursday between refiners and Energy Secretary Jennifer Granholm.
“Broader macro influences have been dictating price direction for oil recently,” said Warren Patterson, head of commodities strategy at ING Groep in Singapore. “However, fundamentally the market still remains constructive. The oil balance is set to be tight for the remainder of the year, while in the shorter term strong refinery margins should be supportive for crude demand.”.
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