Oil Falls on CNBC’s Report on The White House’s Demand For OPEC to Pump More Supplies

Oil fell below $70 a barrel, pressured by a CNBC report that the White House will call on OPEC and its allies to boost production in an effort to stem rising gasoline prices.

And the price of Brent crude is up 35% since the beginning of this year, supported by a supply cut led by OPEC, even after oil suffered its largest weekly loss in months last week, as a result of fears that travel restrictions to curb Corona virus infections will harm demand.

Brent crude fell 86 cents, or 1.2 percent, to $69.77 a barrel by 1030 GMT, following a 2.3 percent rise on Tuesday.

US West Texas Intermediate crude fell 80 cents, or 1.2 percent, to $ 67.49, after a 2.7 percent jump yesterday.