Crude Oil Down 4% to Around $95.30/Barrel, Lowest Level Since February

NYMEX crude oil is getting whacked Wednesday, now down more than 4 percent to under $95.30 per barrel.

Crude has not been this low since February.

Recent news of increased oil production in Saudi Arabia continues to weigh on the commodity this afternoon. One source suggests the decision was based on a "strategic" attempt at "denting the continued windfall" Iran is getting from prices over $100 per barrel.

Elsewhere on the oil front, data from the EIA on crude and distillate inventory levels was bullish, while data on gasoline inventories was bearish. Crude oil inventories for last week showed a draw of 3.41 million barrels, distillate inventories fell 105,000 barrels and gas inventories were up 573,000 barrels.

The US Oil Fund ETF (NYSE: USO) is down 4.1 percent at last check.

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