Oil futures fall on report Biden administration will urge OPEC+ to boost output

Oil futures fell back Wednesday after a news report said the Biden administration would urge the Organization of the Petroleum Exporting Countries and its allies to boost production. "We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices," National Security Advisor Jake Sullivan said in a statement, CNBC reported. "Competitive energy markets will ensure reliable and stable energy supplies, and OPEC+ must do more to support the recovery," Sullivan said, according to the report. The statement said OPEC+'s agreement to lift production by 400,000 barrels a day in monthly increments beginning in August was "simply not enough." West Texas Intermediate crude for September delivery CLU21, -0.67% was down 76 cents, or 1.1%, at $67.53 a barrel on the New York Mercantile Exchange.