January crude oil prices traded higher during the early morning hours, supported by hopes that Euro zone leaders may be closer to reaching a compromise ahead of this week's summit and by escalating tensions in Iran. Growing strife between Iran and Western nations over sanctions and talk of an export ban has contributed an added level of support to crude oil prices. By some estimates, Iran produced around 5.0% of the world's crude oil last year, and any disruptions to that supply would inject an added fear premium into crude oil prices. The Commitments of Traders Futures and Options report as of November 29th showed non-commercial traders were net long 219,670 contracts, a decrease of 5,853. Non-commercial and nonreportable traders combined held a net long position of 240,041 contracts, for a decrease of 4,355 on the week. The selling trend of the speculator is seen as a short term negative force.