CNBC | Oil below $33 on Saudi comments, report of US inventory rise CNBC Oil fell below $33 per barrel on Wednesday after Saudi Arabia ruled out production cuts and an industry report said U.S. crude stockpiles hit a record, underlining the supply glut. Saudi Oil Minister Ali al-Naimi said production cuts would not happen ... Crude oil drops a further 3%, battered by no-production-cut blues Saudi Arabia declares oil output cut 'is not going to happen' Oil Slides Further After Saudi Arabia Dismisses Production Cut |