Oil slumps $6 a barrel as Biden pushes for U.S. fuel cost cuts

(Reuters) -Oil prices skidded more than $6 a barrel on Wednesday amid a push by U.S. President Joe Biden to bring down soaring fuel costs, including pressure on the country’s major energy firms to help ease the pain for drivers during peak summer consumption.

By 0718 GMT, U.S. West Texas Intermediate (WTI) crude futures were off lows but still down $5.98, or 5.46%, at $103.54 a barrel. Similarly, Brent crude futures dropped $5.67, or 4.95%, to $108.98 a barrel.

As the United States, the world’s largest oil consumer, struggles to tackle soaring gasoline prices and inflation, President Joe Biden is expected to call on Wednesday for temporarily suspending the 18.4-cents a gallon federal tax on gasoline, a source briefed on the plan told Reuters.