CNBC | Oil dips on signs of ample supply despite OPEC cuts, Iran sanctions Reuters SINGAPORE, May 16 (Reuters) - Oil prices fell on Wednesday, weighed down by ample supplies despite ongoing output cuts by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran. Brent crude futures, the international ... Oil prices have come full circle since OPEC refused to cut output 3½ years ago Oil price pushed to 3-year high on political unrest, supply issues OPEC Lifts Oil Demand Forecast Amid Rising Prices |