October crude oil prices traded lower throughout the initial morning hours, pressured by slowing global growth concerns, a lingering European debt crisis and a rally in the US dollar back above the $77 level. A lack of progress at weekend meetings with EU leaders in Poland dashed hopes for a near term resolution to the crisis. There were comments from OPEC's Secretary this morning indicating that global oil demand was rising at a slower rate. Some traders suggested that these comments might have added to the early selling pressure in crude oil. Regarding Libyan oil production, Gulf nations are expected to reduce production as Libyan output ramps up. Saudi Arabia has already trimmed their output by 0.5% in the June through August period to 9.76 million barrels per day. The Commitments of Traders Futures and Options report as of September 13th for crude oil showed non-commercial traders were net long 224,587 contracts, an increase of 13,169. Non-commercial and nonreportable traders combined held a net long position of 227,823 contracts, an increase of 5,004 during the period.