Oil falls again, despite decline in US crude supplies

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.

Jenna Delaney, senior oil analyst at Platts Analytics, said the supply numbers were largely in line with the range of market expectations.

[...] Wednesday's appointment of new Saudi Crown Prince Mohammed bin Salman, a man famous for his combative political and economic policies against fellow OPEC member Iran, has placed the future of the supply-cutting plan under increased uncertainty.