While the recession comments continued to fuel investors' concerns about economic activity, they also put pressure on oil prices.
The USA crude oil and Brent oil dropped more than 3 percent. While US crude oil saw below $ 106, Brent oil also fell to $ 111.
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 important developments to be followed in the oil market today will be Biden's call for temporary tax exemption on gasoline.
Sources told Bloomberg that President Biden will call for a temporary gas tax exemption to Congress later in the day.
Asked on Monday whether he would provide a temporary tax exemption on gasoline taxes to combat rising gasoline prices in the country, Biden said: “I am considering it. I hope to make a data-based decision. We will reach a decision on this by the end of this week.” had used the phrase.
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.
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