December crude oil prices traded lower during the early morning hours, pressured by rising European debt costs and a weaker than expected German sentiment reading. Some traders indicated that strength in the US dollar and global equity market weakness could encourage investment flows out of crude oil in search for safety. Fears that the European economy could be on the way to a recession is seen as a factor trimming demand for crude oil. In the US, reduced crude oil imports and sluggish refining capacity are expected to generate another weekly crude oil inventory draw. Expectations are for a draw of around 1.25 million barrels. The Commitments of Traders Futures and Options report as of November 8th showed non-commercial traders were net long 233,881 contracts, an increase of 10,254. Non-commercial and nonreportable traders combined held a net long position of 236,378 contracts, an increase of 8,689 on the week.