Oil prices drop as US inventories rise, inflation fears at fore
NEW YORK (Reuters) -Oil prices edged lower after U.S. President Joe Biden said his administration was looking for ways to reduce energy costs amid a broader increase in inflation.
Consumer inflation data on Wednesday showed prices were rising at a 6.2% year-over-year rate, their highest level in three decades, and may spur both the White House and U.S. Federal Reserve to take action to curb that growth.
President Biden said he had asked the National Economic Council to work to reduce energy costs and the Federal Trade Commission to push back on market manipulation in the energy sector in a larger push to reverse inflation.
