Morning Crude Oil Market Report

June crude oil prices were sharply lower during the initial morning hours, falling to their lowest level since February 13th. It appears that growing concerns over the pace of economic recovery in the US has trimmed demand prospects for crude oil. While the demand side of the ledger has come under pressure in recent sessions, supplies continue to build. This week's EIA inventory data showed US crude oil stocks at their highest level since September 1990 and OPEC appears to be moving to pressure prices lower by boosting output. Recent data shows OPEC pumping a little more than 2.0 million barrels per day above their target. Probably the key element in this morning's trade will be the US Non-Farm Payroll report, which is expected to show an improvement in jobs added in April.