May crude oil prices traded lower throughout the overnight and early morning hours, weighed down by Chinese growth figures that came in short of expectations and fresh debt concerns in Europe. While first-quarter GDP figures in China came in weaker than expected, they were still above 8.0% and appeared to boost the odds that their Central Bank will take a more aggressive stance in stimulating growth. Meanwhile, March crude oil demand in China was estimated to have pulled back to October levels, but it still showed positive growth from year ago levels. Comments out of Saudi Arabia this morning reiterated the country's commitment to reduce the price of crude oil through their relationship with other OPEC members. However, the crude oil market is expected to turn its focus to this weekend's talks between Iran and six-nations in Turkey.
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