Oil pushed below $ 70 as U.S. OPEC + pushed further

  • White House – OPEC + output is insufficient, it could hurt global recovery
  • The API said U.S. crude stocks fell last week
  • As the Delta variant progresses, Goldman will reduce China‚Äôs outlook
  • Coming – EIA Stock Report, 1430 GMT

LONDON, Aug. 11 (Reuters) – Oil prices fell below $ 70 a day after the United States announced that OPEC and oil producers were expected to increase production.

Brent crude prices have risen by 35% this year after last week’s biggest oil spill in months, amid concerns about travel restrictions to curb cholera virus infections.

In a statement issued Wednesday, the White House called on OPEC and its partners to increase production. CNBC has previously reported progress.

“This is simply not enough during the global recovery,” said OPEC and its partners in a recent agreement.

At 1345 GMT, Brent’s confidence dropped 77 cents or 1.1% to $ 69.86, following a rally of 2.3% on Tuesday. The West Texas Intermediate (WTI) fell 74 cents or 1.1% to $ 67.55 after jumping 2.7% on Tuesday.

At a meeting in July, the Organization of Petroleum Exporting Countries (OPEC) and others, known as OPEC +, agreed to increase production by 400,000 barrels per day until the end of the decline.

A.D. As oil recovery recovers from a recession by 2020, producers are gradually easing global registration deficits by about 10 million.

Signs of rising oil demand in the United States traded more than $ 70 a barrel on Wednesday, offsetting concerns about travel restrictions in Asia due to the COVID-19 Delta variant.

Industrial data showed last week’s fall in U.S. crude and petrol resources, and the U.S. Energy Information Administration (EAA) said U.S. growth and mobility have increased fuel consumption so far this year.

Later, in 1430 GMT, they will become the official US AEI.

On Tuesday, the US Petroleum Institute’s industrial group said US raw materials fell by 816,000 barrels, and last week’s oil reserves fell by 1.1 million barrels.

Additional report by Sonali Paul and Florence Tan; Edited by Mark Potter, Jason Nellie and David Evans

Our Standards – Thomson Reuters Trust Principles.

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