Oil prices drop after White House calls on ‘OPEC +’ to increase production

Oil prices fell below $ 70 a barrel today, as they came under pressure after the White House called on “OPEC” and its allies to step up production, in a bid to curb oil production. rising gasoline prices in the United States.

At 1:55 p.m. Moscow time, futures on US crude “West Texas Intermediate” fell 1.14% to $ 67.51 per barrel. Meanwhile, Brent crude futures fell 1.02% to $ 69.91 a barrel, according to data from the Bloomberg website.

The White House said in a statement Wednesday that the administration of US President Joe Biden is urging “OPEC” and its oil-producing partners to increase production, adding that current production is “simply insufficient” and could threaten the current global economic conditions. recovery.

Jack Sullivan, a White House lawyer, also said in the statement that the administration had contacted “OPEC + members” about the importance of competitive markets.

So oil prices reversed their direction and earlier in the trade had seen an increase due to data showing declining US crude inventories with the “Brent” mix trading above from the level of $ 71 per barrel.

Source: Reuters + Bloomberg

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