June crude oil prices came under heavy selling pressure during the overnight session, falling to their lowest level since early November. Some traders indicated that the crude oil market remained under pressure from uncertainty over the European debt situation and signs of slowing global growth. Meanwhile, the US supply situation showed a much larger than expected build last week, according to private industry data late Tuesday, which came in nearly five times greater than expectations for today's EIA report. The street is looking for the EIA data to show a build in the range of 1.5 to 1.75 million barrels, which compares to five year average draw of 300,000 for this week of the year. A build in today's report would mark the eighth consecutive weekly increase and keep inventories at a 21 year high.
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