8/11/2021, 12:59 PM (Source: TeleTrader)
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Oil down as US reportedly urges OPEC to pump more

Oil prices traded lower on Wednesday following reports that the White House is making efforts to compel the Organization of the Petroleum Exporting Countries (OPEC) and allied producers to boost production amid higher gasoline prices.

According to the report, officials from the Biden Administration met with OPEC’s de facto leader Saudi Arabia this week, as well as other members of the so-called OPEC+ alliance.

Brent for October delivery was down 0.82% to $70.04 per barrel at 6:50 am ET. At the same time, West Texas Intermediate futures for September settlement dropped 0.88% to $67.69 per barrel.

Baha Breaking the News (BBN) / JC