WTI crude oil is down $3.55 to $105.97 after falling as low as $101.53.

US President Biden is expected to call for a suspension of the 18.3c/gallon federal gasoline tax. That will take an act of Congress and a report from Politico suggested the odds of success are low.

Aside from that, we will be watching to see if there are any other hints on action on oil prices. Clearly, something spooked the market today so we will have to wait and see how it all shakes out.