December crude oil prices trended lower during the early morning hours, falling to their lowest level since July 12th in the process. The early selling pressure seemed to come from weakness in outside markets, a selloff in global equity markets and ideas that near term oil supplies are more than ample. Added downside pressure came from gains in the US dollar and a breakdown in other commodity markets. Some traders were of the view that sentiment in the crude oil market managed to discount the latest threat from Iran that it would cut off its export flows of crude oil, estimated at around 1.0 million barrels per day, to counter tightening sanctions from Western nations. Another source of weakness in the December crude oil might have come from the restart of TransCanada's Keystone pipeline.
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