Dow Jones Falls As Fed Chief Powell Minimizes Recession Risks

Stocks are holding onto most of Tuesday's gains, but crude oil and Treasury yields tumbled as Fed chief Jerome Powell testified Read More...


Oil slumps over 6% as Biden set to cut fuel costs for drivers

(Reuters) -Oil prices tumbled on Wednesday on news of a plan by U.S. President Joe Biden to cut fuel costs for drivers and amid concerns over a potential economic recession after recent central bank rate hikes, which also weighed on equities. Brent crude futures were down $7.49, or 6.5%, by 1313 GMT at $107.16 a barrel, their biggest fall in percentage terms in three months. U.S. West Texas Intermediate (WTI) futures fell $7.74, or 7.1%, to $101.78, its biggest daily drop in percentage terms since March 9.

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