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

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. 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.

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