Morning Crude Oil Market Report

June crude oil prices traded fractionally lower during the early morning hours. It appears that the crude oil market is in the process of reconciling the recent boost in US supplies, softer European sentiment readings and further weakness in the US dollar. Some of the late day push in the crude oil market appeared to come in the wake of comments from Federal Reserve Chairman Ben Bernanke that reaffirmed the central bank's low interest rate commitment and prospect to offer more support if warranted. However, this morning's weaker than expected reading on European sentiment and rising bond yields in Italy have sparked an air of caution regarding the global economic recovery. The crude oil market sold off sharply in response to yesterday's EIA inventory data that showed the fifth consecutive weekly inventory build. This has brought current crude stocks to 373.024 million barrels, which is the highest for this week since 2009.