June crude oil prices traded lower during the initial morning hours, weighed down by gains in the US dollar, residual concerns over US first-quarter GDP data and data confirming Spain is in a recession. In addition to a soft macroeconomic tone, some traders said that there were concerns that global oil supply was outpacing demand. This was highlighted in a report from the EIA Friday, indicating that global oil supply exceeded demand by 500,000 barrel per day over the last couple of months. The purpose of the report was to provide the Obama administration with information to continue tightening sanctions against Iran. The Commitments of Traders Futures and Options report as of April 24th showed non-commercial traders were net long 280,546 contracts, a decrease of 7,847. Non-commercial and nonreportable traders combined held a net long position of 301,843 contracts, for a decrease of 5,031 on the week. Some traders viewed the selling trend of the speculator as a negative short term force.