November crude oil traded lower throughout the overnight and early morning hours, pressured by mounting concerns over a Greek default, further questions regarding global growth and a rally in the US Dollar. There were reports from a major global investment house overnight that lowered their 2012 price targets on Brent crude oil by nearly 7.0%, but that still reflects a level of optimism for a turn in demand, as it stands about 18% above current levels. OPEC is watching oil demand in the wake of slowing economic growth caused by the European debt crisis. The latest comments came from Iran called on members to keep production levels steady because they represented a balance between producers and consumers. However, there has been a turn higher in the Brent vs. West Texas Intermediate crude oil spread that has challenged the $25 level. Perhaps the widening contango between November and December Brent crude oil and added delays in the North Sea Forties loading program has contributed to the gains.