June crude oil prices traded higher during the overnight and early morning hours, drafting added support from positive outside market sentiment. Some traders suggested that talk China might ease monetary policy over the weekend and better than expected German confidence data were viewed as supportive forces. There's also talk that Brent crude oil might have become oversold during the latest decline at the same time that a number of countries reduce purchases of Iranian crude oil. This could be a situation that produces a tighter supply backdrop once refineries in the North Sea region come back on line after maintenance.
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