US President Joe Biden on Tuesday, he would decide by the end of the week whether to ask Congress to suspend the tax to help with high gas prices.

A potential suspension of the federal gasoline tax would have some, but not significant, impact on highway funds, Biden said.

Attention now turns towards his press conference scheduled later this Wednesday at 1800 GMT.

Market reaction

WTI is rebounding above 104.00, having reached fresh monthly lows at 102.78 earlier in the day on reports that Biden may cut fuel costs for drivers. The US oil is down 4.53% on the day, as of writing.