Saudi Arabia Says It Will Boost Oil Output in June

http://www.bloomberg.com/apps/news?pid=20601087&sid=argXYABgz1FY&refer=home

This is a big U-turn from earlier, where the Saudis rejected US's call to raise output.

This increase will surely put a damper on oil prices, which recently has hugged headlines with multiple record breaking shows.

Earlier reports of heavy speculation on Oil could turn, forcing oil price to go a lot lower? The chart incidentally shows a possible double top

Hee Teck