April crude oil prices traded lower during the early morning hours, pressured by a weak macroeconomic tone and slower growth prospects in China and Europe. Some traders indicated that early losses in the crude oil market might have been limited by supply disruption concerns. This seemed to take place in the wake of a yesterday's meeting between US President Obama and Israeli Prime Minister Netanyahu. The stakes of the meeting increased in response to findings from the IAEA, indicating that Iran's nuclear program has increased their production of higher-grade enriched uranium. While Obama urges Israel to apply more patience with sanctions against Iran, Israel's Prime Minister seemed to indicate they would take appropriate military action if needed. For the moment, it seems that a weak macroeconomic tone is taking precedence over supply disruption concerns.
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