Oil price is currently trading bearish following a push by President Joe Biden to bring down soaring fuel costs in the United States.
In the early hours of Wednesday, Brent crude the international benchmark for oil price dropped by 4.60% to $110.23 per barrel while U.S. West Texas Intermediate (WTI) crude futures fell to $104.97.
For the Organisation of Petroleum Exporting Countries (OPEC’s) 13 crudes basket, data from Reuters shows that Nigeria’s crude oil grade, Bonny Light is trading at 119.36 per barrel, the most expensive in the market.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
Saharan Blend (Algeria) is the second most expensive trading at $ 118.10 per barrel followed by UAE, Murban which trades at $115.35 per barrel.
Meanwhile, U.S. President Joe Biden is expected on Wednesday to temporarily suspend the 18.4-cents a gallon federal tax on gasoline.
He is also expected to meet seven oil companies in the US in a bid to drive down fuel prices.
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