Oil fell for a third week as rising supplies from the United States to Nigeria to Libya showed that OPEC is still struggling to clear a global glut.

Oil tumbled to the lowest intraday level in four weeks June 7, as U.S. industry data showed an unexpected increase in crude inventories. Gasoline stockpiles also rose.

Oil fell as U.S. drilling continued to rise, undermining the potential for even an extended OPEC output-reduction deal to rebalance the market.

Oil prices are down nearly 10% over the past month, leading some to wonder if we're set for a resumption of the plunge seen between 2014 and early 2016. Executives at oil companies, however, are optimistic.

Oil slumped more than 5% to the lowest close this year after government data showed production cuts from OPEC and other producers have not been enough to reduce U.S. supplies.

Nanofiber technology, already used in premium fuel filters, also is appearing in oil and air filters to help prevent maintenance problems on modern truck engines. Although nanofiber media offer improved performance, it comes at a cost.

WASHINGTON — The American Petroleum Institute will pursue an aggressive policy agenda during the first 100 days of the incoming administration of President-elect Donald Trump and his four-year term, the trade group’s president said here during the organization’s annual State of American Energy event.

WASHINGTON — The American Petroleum Institute will pursue an aggressive policy agenda during the first 100 days of the incoming Trump administration and throughout Donald Trump’s four-year term, the trade group’s president said here during API’s annual State of American Energy event.

Oil futures dipped on Dec. 29 after a surprise build in U.S. crude inventories reversed an advance in prices that had boosted the benchmarks to their highest levels since July 2015.