February crude oil prices traded lower during the early morning hours, pressured by a soft outside market tone and fresh European debt concerns. Some traders also pointed to weakness in the Euro currency, which fell to a new 15-month low against the US Dollar, as another force weighing on crude oil prices. February crude oil seemed to draft overnight support from private inventory data late Wednesday that showed a larger than expected weekly stock draw and concerns over an EU plan to ban Iran oil imports. It seemed that geopolitical tensions eased following reports out of China that they planned to cut their February oil imports from Iran to half the 2011 level, same as in January. Expectations for this morning's EIA inventory data are for a draw in the range of 2.0 million barrels.