Oil prices fell 3% today dragged down by an unexpected build-up in US crude stockpiles and a stronger dollar.
Crude oil inventories in the world's top consumer jumped by 2.9m barrels last week as imports rose, according to data from the US Energy Information.
Yesterday, oil prices had spiked above $69 to reach a seven-month high.
This evening, US crude traded down $2.18 to $66.37 a barrel, while Brent crude fell $1.95 to $66.22 a barrel.
Signs of a recovery in the global economic crisis have lifted stocks markets in recent weeks, raising expectations oil demand could rebound and sending crude prices up 30% in May.
US President Barack Obama flew to OPEC kingpin Saudi Arabia today, where he said he would raise the issue of price volatility with King Abdullah and indicate no halt to the need for oil imports.
OPEC last week agreed to leave production targets unchanged after agreeing to a series of cuts last year to stem oil's steep slide from near $150 a barrel as the economic crisis battered demand.
