The NSC statement said OPEC+’s agreement to lift production by 400,000 barrels a day in monthly increments beginning in August and running into 2022 was “simply not enough.”
Oil futures retreated Wednesday, after the Biden administration said it would press the Organization of the Petroleum Exporting Countries and its allies to further boost output.
West Texas Intermediate crude for September delivery CL00, -0.79% CLU21, -0.79% fell 96 cents, or 1.4%, to $67.33 a barrel on the New York Mercantile Exchange. October Brent crude BRN00, -0.86% BRNV21, -0.86%, the global benchmark, dropped 92 cents, or 1.3%, to $69.71 a barrel on ICE Futures Europe. The White House, in a letter, also directed the Federal Trade Commission to look into whether illegal practices were contributing to a rise in gasoline prices.
“The volatility seen in oil markets is likely to be momentary as demand from Western countries is back to pre-pandemic levels and this is weighing in on global oil supplies,” said Naeem Aslam, chief market analyst at AvaTrade, in a note.
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