The possibility of a recession continued to raise investors’ concerns while lowering oil prices.

Recession comments continue to fuel investors’ concerns about economic activity. US crude oil and Brent oil dropped more than 5 percent. While the US crude oil saw below $ 104, Brent oil fell to $ 109. Although US President Joe Biden and Treasury Secretary Janet Yellen emphasized that a recession in the US is not inevitable, Wall Street institutions raised their expectations for a recession.

One of the critical developments to be followed in the oil market today will be Biden’s call for a temporary tax exemption on gasoline. Some sources said President Biden will call for a temporary gas tax exemption to Congress later in the day. 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.

It is stated that there is serious opposition to the temporary tax exemption in the US Congress, including many Democrats.