The prices of Oil all over the world have become a trending topic currently. We have come to know that the prices fell on Tuesday which is a sigh of relief. As per the reports, the prices fell after surging more than $5 a barrel in the previous session.
WTI crude futures for August delivery fell 65 cents to $101.95 a barrel. In this context, the U.S. Federal Reserve officials indicated last week that the central bank would likely raise interest rates by 75 basis points. Also, the experts are saying that lower hike may mean less of a economic crunch that would reduce fuel demand.
On this note, the US president Biden had tweeted about the same. “Oil prices have come down 20% from June highs, but prices at the pump have only come down half as much. That’s unacceptable. It’s time for oil and gas companies to pass along their lower costs to Americans,” tweeted Biden this morning.