Oil falls again, despite decline in US crude supplies
June 22, 2017
LONDON (AP) — Oil prices fell further Wednesday, with the international benchmark for crude sliding below $45 a barrel.
The recent drop in price indicates that efforts by OPEC and 10 other oil-producing countries to cut their production to reduce a supply glut and push prices higher are falling short.
While Russia, Saudi Arabia and other nations involved in the deal have met their targeted cuts, an unforeseen increase in U.S. supply has countered these efforts. With the glut persisting, the outlook for oil prices has been dampened.
"As we see it, it is not the events that are putting pres...