Oil pushes for less than $ 70 as US OPEC + pushes further, Reuters

© Reuters. FILE PHOTO: Crude oil storage tanks in Kushung, Oklahoma, USA April 21, 2020 Photograph in the air at the Cushite Oil Center. REUTERS / Drone Base / File Photo

By Alex Lauller

LONDON (Reuters) – Oil prices fell below $ 70 a barrel on Wednesday after the United States announced that OPEC and oil producers would increase production.

Oil prices have risen by 35% this year after last week’s biggest weekly loss in the wake of travel restrictions to curb cholera virus infections.

At 1126 GMT on Tuesday, Brent lost 75 cents or 1.1% to $ 69.88, following a rally of 2.3% on Tuesday. West Texas Intermediate (WTI) fell 81 cents or 1.2% to $ 67.48 after jumping 2.7% on Tuesday.

In a statement issued Wednesday, the White House called on OPEC and its partners to increase production. [nW1N2OE031] CNBC has previously reported progress.

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 shows and gasoline prices fell last week, and the U.S. Energy Information Administration (IAA) has boosted U.S. employment growth and mobility so far this year. [API/S] [EIA/M]

Oil Broker PVM “The deteriorating short-term outlook for the EIA this year has helped alleviate fears,” said Stephen Brenock.

Since the first cases were discovered in July, the Delta has been found in more than a dozen Chinese cities, resulting in some new travel restrictions, and U.S. cases and hospital stays have risen to six months.

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.

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