Crude prices decrease sharply after Biden’s announcement

News of the day, Wednesday, June 22

Oil prices lost more than $5 a barrel today as U.S. President Biden pledged to bring down fuel costs. WTI crude futures were down 5.46%, and Brent crude futures slid by 4.95%.

Asian stocks slipped on Wednesday amid persistent worries about monetary policy and inflation. MSCI’s broadest index of Asia-Pacific outside Japan fell 1.39%, and Nikkei 225 was flat. 

European stock futures dropped accordingly. DAX futures traded 1.6% lower, CAC 40 futures down 1.6%, and the FTSE 100 futures fell 1.1%.

The euro fell 0.3%, and the British pound slid 0.4% ahead of British consumer price data, as investors used the safe-haven dollar to anticipate the risks. The dollar index was 0.3% up.

Key quotes for today:      
Brent — $110.30  
WTI — $104.70  
GBP/USD — 1.2204  
EUR/USD — 1.0506  
XAU/USD — $1825.40