The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria.
Ramzi Boudina | Reuters
Oil prices fell on Wednesday after the White House called on OPEC and its allies to increase oil production to support the global recovery from the pandemic.
Futures contracts for West Texas Intermediate crude fell by more than 1% to about $67.51 per barrel. European benchmark Brent crude also slipped by more than 1% to about $69.90 per barrel. Both contracts have traded above $70 per barrel in recent weeks.
Oil prices moved lower on Wednesday after CNBC reported that the White House said that OPEC+ needs to increase…