November crude oil prices came under heavy selling pressure during the overnight and early morning hours, weighed down by a rally in the US Dollar, weak PMI data out of China and Germany, and a weaker than expected economic outlook from the Fed. The Fed action along with comments that the US economy still faced significant downside risks was seen as a disappointment, and that seemed to foster concerns for slowing oil demand. Reports overnight showed Chinese PMI data contracting for the third consecutive month, which raised further concerns of slackening global demand. Meanwhile, yesterday's EIA data showed US crude stocks falling by a much more than expected amount of 7.336 million barrels. EIA crude stocks are 19.287 million barrels below year ago levels but 13.145 million barrels above the five year average. Crude oil imports for the week stood at 8.351 million barrels per day compared to 8.542 million barrels the previous week. The refinery operating rate was 88.3%, up 1.3% from last week.