November crude oil prices drifted lower during the overnight and early morning hours but remained in the upper portion of yesterday's range. Some traders indicated that early weakness in the market came from declines in global equity markets and gains in the US dollar, following another somber warning from the IMF. OPEC released their latest monthly report this morning, which slightly lowered 2013 global oil demand forecasts and reiterated that oil markets were amply supplied. With the global economy seemingly on a slowing track, and ample global oil supplies, it appears that the primary supportive force in the crude oil market is geopolitical risks. The latest development comes from NATO indicating that they would move to protect Turkey's borders if asked. A degree of support could be coming from Israel's Prime Minister calling for an early election, perhaps suggesting movement toward containing Iran's nuclear development.
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