President Trump is reviewing several options to ease surging oil prices, including intervening in futures markets, restricting U.S. exports, and waiving certain federal taxes, according to Reuters.
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Forget margin or options. Here's how the pros trade QQQ“President Trump and his entire energy team have had a strong game plan to keep the energy markets stable well before Operation Epic Fury began, and they will continue to review all credible options,” said White House spokesperson Taylor Rogers.
Oil Volatility Spikes ahead of Midterm Elections
The news comes ahead of the November midterm elections, as rising fuel prices and dissatisfaction with the Trump administration boost the chances that Democrats could win both the Senate and the House.
Crude oil futures (CL) briefly climbed to $119 per barrel on Monday before easing lower following reports that the Group of Seven (G7) was considering releasing between 300 and 400 million barrels of oil from strategic reserves. Following a virtual meeting between G7 finance ministers, the group decided to hold off on the measure but noted that it would actively monitor the situation.