Having risen all day on the back of the weaker dollar now sliding to nearly one year lows, moments ago oil just wiped out all its intraday gains and tumbled to unchanged, losing almost a dollar in seconds.

It is unclear what caused this sudden drop, although the headline that Saudi Arabia is set to export another record amount of oil in the coming month surely did not help, and may indicate that the ongoing quant driven buying and relentless short squeeze may be ending as eyes finally turn to fundamentals.