October crude oil prices traded higher during the initial morning hours and broke out to their highest level since May 11th in the process. Hopes for a fresh solution to the European debt crisis lifted risk-taking sentiment during the initial morning hours, and that along with gains in equity markets and the Euro Currency lent support to the crude oil market. Additionally, the crude oil market drafts support on tight North Sea Supply concerns and reports that the Buzzard oil field is expected to be offline until mid-October. Maintenance in the North Sea region becomes a greater issue as oil export flows from Iran drop to nearly half the pace seen at the beginning of 2012. Some traders also pointed to growing conflict in the Middle East region and the threat of supply disruptions as a force offering support to the crude oil market.
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