November crude oil prices grinded lower throughout the overnight and early morning hours, hamstrung by concerns over slowing economic growth in China, a rally in the US dollar and a disappointing ECB monthly report. Chinese crude oil import data released overnight revealed a significant decline from the 2011 record high and showed demand below the 5.0 million barrel per day level for the 4th month in a row. Meanwhile, the EIA lowered their 2011 global oil demand forecasts but raised forecasts for 2012 in their latest monthly report. They expected world oil demand to grow by 1.32 million barrels per day to 88.4 million. Expectations for this morning's EIA crude inventory report call for a slight gain to a 500,000 barrel draw.
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