December crude oil waffled around unchanged levels throughout the overnight and early morning hours, as it digested the latest macroeconomic headlines. Some traders indicated that private industry data that showed an unexpected decline in weekly US crude inventories might have partially offset recent 2 notch downgrade to Spain's credit rating. Meanwhile, Brent crude oil spent most of the early morning hours in negative territory on prospects that even with a Eurozone bailout, there is still likely to be reduced levels of demand. There were reports out earlier this morning estimating August Saudi Arabian oil output slightly above the 9.750 million barrels per day level, 1.5% above July levels.