March crude oil prices traded lower throughout the early morning hours, pressured by uncertainty surrounding new Greece's austerity measures and a weak macro-economic tone. It seemed that the crude oil market was already under a bit of downside pressure overnight in the wake of weaker loan demand data out of China and figures showing a slump in imports. Another factor that appears to be weighing on the crude oil market this morning comes from the latest monthly report from the IEA that lowered their 2012 global oil demand forecast. This was the sixth consecutive monthly downward revision and a bit more than expected to a rate of 89.9 million barrels per day. The IEA also warned of weaker economic growth as another force limiting demand for crude oil. This 2012 forecast was higher than those from the EIA and OPEC.