January crude oil prices traded lower during the early evening hours but have since reversed into positive territory. A rebound in global equity markets, US dollar weakness and hopes for a positive turn in US economic growth are forces helping to lift the market this morning. The European Central Bank was reportedly buying Italian bonds early this morning, which has helped to relieve the region's liquidity crisis and pressured yields lower. Some traders viewed this as a force fueling risk appetites. Meanwhile, there were upbeat comments from Saudi Aramco's CEO earlier this morning, reinforcing a firm global oil demand view, supported by growing populations and Asian demand.
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