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.
West Texas Intermediate tumbled toward USD 104 a barrel, echoing last week’s retreat, with prices falling alongside other raw materials including copper. With investors concerned about the impact of sharply higher US interest rates, Federal Reserve Chair Jerome Powell is due to testify before Congress Wednesday on his bid to curb inflation raging at the fastest pace in decades.
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