November crude oil prices trended lower in overnight and early morning action ahead of US labor market data. While global equity markets were on a higher track this morning, a weak economic outlook from the Bank of Japan, reduced global GDP forecasts from the IMF and a weaker than expected read on German Industrial Production provide a negative headwind. It is also possible that the crude oil market has come under pressure ahead of an expected announcement from the Mexican government regarding a new oil find off their coast. Lingering concerns over a slowing global economy continue to weigh on oil demand prospects and remain a concern to elevated crude oil prices. However, tensions between Syria and Turkey this week have escalated, and that was a driving force behind yesterday's sharp snap-back rally in crude oil prices. The geopolitical risk premium seemed to get an added boost from unrest in Iran following a plunge in their domestic currency.

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