November crude oil traded higher during the overnight and early morning hours, supported by European financial support to stem the spreading debt crisis and from US inventory data that showed an unexpectedly large draw. Some traders viewed the rally in global equity markets and the sell-off in the US dollar as supporting higher crude oil prices. Meanwhile, economic data earlier this morning showed the Eurozone service sector contracting for the first time in two years, and that was seen as a factor detracting from consumer demand. For now, the crude oil market appears to be focusing on prospects for an inventory draw in this morning's EIA report and from a positive outside market tone.
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