Oil Declined Hard

Recession possibilities in the markets have dragged oil to the bottom. When oil investors considered the recession possibilities, there was a hard decline in oil.

Worry about recession in the global economy caused a hard decline in Brent oil. Recession concerns put pressure on oil prices. The decline of more than 5 percent in US crude oil and Brent oil was announced. While the US crude oil saw below $104, Brent oil also fell to the level of $109.

Although US President Joe Biden and US Treasury Secretary Janet Yellen stated that the probability of a recession is not very close, Wall Street institutions keep their recession expectations high.

When Joe Biden was asked last Monday whether he will provide a temporary tax exemption on gasoline taxes to combat rising gasoline prices in the country, he said, “I am considering this. I hope to make a data-based decision. We will reach a decision on this matter by the end of this week.”

Biden had stated that they were working on an exemption of 18.4 cents per gallon. Gasoline prices in the country hover around $5 per gallon.