Is the 1991 monster hit from Boy George, the former front man of the Culture Club .
It's Bow Down Mister, all right for the Sheikh's , as OPEC finally admits that it's production cuts is not working as planned, to help boost prices, because shale oil producers have stepped up production to take advantage of the higher prices .
CNBC has the story. Read Below :
Oil prices fell on Monday in response to growing evidence that U.S. production is rising, even as official OPEC production figures showed record-setting initial compliance with its landmark production reduction deal.
Global benchmark Brent crude futures were down $1.01, or 1.8 percent, at $55.69 a barrel by 10:23 a.m. ET (1523 GMT), near the low of the session.
West Texas Intermediate (WTI) crude futures were down 82 cents, or 1.5 percent, at $53.04 a barrel, also near its lowest level for the day.
"The good compliance rate of OPEC seems to be priced in. The U.S. rig count from Friday is weighing, the numbers support the shale comeback story," said Frank Klumpp, oil analyst at Stuttgart-based Landesbank Baden-Wuerttemberg.
U.S. oil drillers over the past month have added the most drilling rigs since 2012, bringing the total count to 591 rigs, the highest since October 2015, Baker Hughes said in its weekly report.
