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Oil Drops as Recession Worries Rattle Commodity Markets

  • Biden calls on Congress to suspend federal gasoline tax
  • Fed Chair tells lawmakers rate hikes needed to cool inflation
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WATCH: Oil tumbled Wednesday amid concern of a US recession. Anthony Di Paola reports.Source: Bloomberg
Updated on

Oil fell to its lowest in over a month amid growing concerns that a global economic slowdown will ultimately hobble demand. 

West Texas Intermediate slipped 3% to settle around $106 a barrel. Federal Reserve Chair Jerome Powell made his most explicit acknowledgment to date in front of lawmakers Wednesday that steep rate hikes could tip the economy into recession. Separately, US President Joe Biden called on Congress to suspend the federal gasoline tax, a move that could bring mixed results