February crude oil prices trended lower during the early morning hours, pressured by fresh European funding concerns and weak German growth data. The outside market tone was also weaker, with falling global equity markets and a rally in the US dollar. Meanwhile, there were some fresh supply-side developments overnight out of Iran and Nigeria. An Iranian scientist was killed by a car bomb and Nigeria's largest oil producer in the region is meeting today to decide whether to cut production and export flows. Expectations for this morning's EIA data have increased in recent sessions and are for a build in the range of 500,000 to 750,000 barrels.
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