June crude oil prices trended lower during the overnight and early morning hours, perhaps in response to private inventory data that showed another weekly build. Other factors weighing on the crude oil market were gains in the US dollar, modest equity market weakness and lackluster European economic data. March Euro zone unemployment was pegged at record high levels and April manufacturing activity contracted for the ninth consecutive month. Some traders viewed the soft European economic data points as a force worthy of limiting demand prospects for the crude oil market, which is seen as a negative for prices. Private industry data late Tuesday showed the fifth build in the past six weeks, while EIA data later this morning is expected to show its sixth consecutive build. So far, US crude oil inventories have increased 7.7% since the week of March 16th, bringing supplies to a new record high level for this time of the year.
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