The news that really kicked Brent crude lower yesterday (corrected)

Yesterday afternoon the price of Brent crude fell just below $62 per barrel. It then lifted just above $62.75 after the latest US EIA inventory data showed an unexpected draw. However, not long after that there was a news report from Reuters. That centred on a report; that apparently Saudi Arabia had briefed contacts and industry professionals regarding its ability to withstand a prolonged drop in prices. That kind of inferred to the oil markets that they might look to flood the markets. Now some pundits have assumed this is a plan to counter increased US production, which we know is far more sensitive to lower prices than the very low production costs for Saudi crude. Well, the reaction across the oil markets was instantaneous. Brent slumped more than $2, falling to $60.76. It did lift from there, when settling $2.22 lower on the NYMEX exchange, at $61.06. Overnight the price action has been covered by $60.91 and $61.33. Brent for July delivery is currently trading at $61.03