The recent big drop in oil prices in Brent crude and West Texas Intermediate crude led to more than $10, signaling a major shift in sentiment.
Saudi Energy Minister Prince Abdulaziz bin Salman came out saying global oil demand was not weak, "it's just a hoax."
He blames lower prices for speculative activity and rising oil exports from OPEC member states in recent months
He says the rise in OPEC exports is not a sign of increased production.
Saudi Arabia also said on Wednesday it would extend its voluntary cuts to produce 1 million barrels per day of crude oil through the end of the year. The market interpreted the announcement as a condemnation of crude oil demand.
