April crude oil prices traded slightly higher during the early morning hours. The latest read on Chinese inflation came in softer than expected, and some traders saw that as a factor that could give their central bank more room for easing monetary policy. There also appeared to be a muted reaction to the Greek debt swap deal, perhaps because recent gains in crude oil already priced in a favorable result. The latest global oil demand readings from OPEC left their 2012 forecasts unchanged on the month and warned of higher prices contributing to global market uncertainty.
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