With more supply, you take supply fears out of the commodities equation. Supply fears are so much of what’s driving up the cost of oil, largely because of unrest in the Middle East. Yes that enables the speculators, but they’re not going to bet on oil if they don’t think the future holds supply shocks and thus big run ups in the price of fuel. Add supply, you take away supply fears. Simple. Nancy Facelift is apparently too stupid to get this.
So prices aren’t based on supply and demand, but on supply fears that may never come true, plus herd mentality causing investors to over react.
Supply seems to be fine. The weak Dollar and speculation would be my novice guess. Not an oil expert.