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IPFS News Link • Oil

Oil Is Tumbling Amid Oversupply Fears

•, by Tyler Durden

Some have suggested the drop is due to investors also considering the potential impact of higher taxes and how that could affect corporate profit growth. President Joe Biden is planning the first major federal tax hike since 1993 to help pay for a long-term economic program, according to people familiar with the matter. The White House is expected to propose a suite of tax increases, mostly mirroring Biden's 2020 campaign proposals, according to four people familiar with the discussions.

"The behaviour today, when no market moving news has emerged, could indicate that oil above $70 is now viewed as a take-profit area," said Ole Hansen, head of commodities strategy at Saxo Bank.