Crude oil trade plunged sharply on Wednesday amid calls by US President Joe Biden to lower soaring fuel costs.
At the opening of the European session, Brent crude futures traded down 3.8% to $ 110 a barrel, while US WTI trading plunged around 4.3% to $ 105 a barrel.
As the world's giant economy struggles with rising gasoline prices and high inflation, President Joe Biden is expected to call for a temporary suspension of federal taxes on gasoline.
This includes putting pressure on the country’s major energy firms to help ease the burden borne by the people during consumption during the height of summer.
Following that, seven oil companies are reported to meet President Joe Biden on Thursday.
Meanwhile, Exxon Mobil and Vitol have warned that demand is still in the process of recovering to return to pre-pandemic levels and supply is expected to limit demand growth.
