There's probably more OPEC oil already landing in the United States, regardless what the Saudis say, and the hedge funds may soon wise up to drive prices lower again.
Oil prices slid on Wednesday after the U.S. Energy Information Administration reported that crude stockpiles in the country rose about five times more than expected last week. Imports grew the most since mid-March amid new momentum in the market's four-month long rally.
New York-traded West Texas Intermediate crude settled down 41 cents, or 0.6%, at $65.89 per barrel.
London-traded Brent, the global crude benchmark, was down for most of the day, but rallied toward the close and settled at $74.57, up 6 cents.
Source : Investing.com