November crude oil established a lower low during the early morning hours but has since bounced nearly $3.50 from its worst level. Some traders suggested that outside markets continue to grapple with the European debt situation and potential for Greek default, but talk that the European Central Bank may lower interest rates has helped boost risk appetites this morning. Early weakness in the US Dollar and positive reversal action in global equity markets might have provided an added lift to crude oil prices. Meanwhile, the Commitments of Traders Futures and Options report as of September 20th showed non-commercial traders were net long 212,176 contracts, a decrease of 12,411. Non-commercial and nonreportable traders combined held a net long position of 220,078 contracts, a decrease of 7,745 on the week. Some traders indicated that the net long spec positioning could be overstated because prices have declined more than $7.00 since the COT positioning report window closed.