Big build in API crude stocks, Biden’s gas tax holiday undermine oil. WTI is reversing a sell-off from the $101 level, as bears take a breather before the next push lower.
On Wednesday, Biden urged Congress to pass a three-month suspension of the federal gasoline tax to help combat recordprices. All eyes now remain on the US PMIs and sentiment on Wall Street for fresh trading opportunities in WTI. From a short-term technical perspective, WTI is likely to challenge the bullish 100-Daily Moving Average at 104.37, which was the critical support a day before.
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