Oil fell nearly 1% to around $67.5 a barrel on Wednesday, down from a 2.7% gain in the previous session after CNBC reported that the White House will call on OPEC and its allies to boost production in an effort to combat climbing gasoline prices. Meantime, official government figures showed US crude stockpiles fell 0.447 million barrels in the week ending August 6th, below market expectations of a 1.1 million barrels draw and after the API report on Tuesday pointed to a 0.816 million barrels drop. In its latest monthly report, the US EIA raised its forecast for fuel demand in 2021 and said consumption in May through July was higher than expected. Traders now look toward the OPEC and IEA monthly report Thursday.
