June crude oil prices trended lower throughout the overnight and early morning hours, hamstrung by a weak macroeconomic tone, ample global supplies and expectations for a further weekly build in US inventories. The outside market tone has come under pressure this morning from fresh concerns over Spain's banking system, as well as uncertainty of Greece to form a new government coalition. This has obviously weighed on the demand backdrop for crude oil and pushed June WTI back toward the $96.00 area. Another negative force for the crude oil market came from comments from Saudi Arabia's oil minister in Tokyo indicating that there was a surplus in supply in the global oil market. The price action in June crude oil took a negative turn late Tuesday afternoon in response to private industry data that showed a much larger than expected build in weekly crude stocks. While the market is expecting EIA crude stocks to build for their seventh consecutive week, estimates are for a smaller build of around 2.25 million barrels.
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