July crude oil prices were higher during the initial morning hours, helped by ideas of further Chinese monetary easing. However, ongoing European debt concerns, especially in Spain, appeared to keep risk-taking sentiment in check. Some traders pointed to another force supporting the higher crude oil pricing came from a modest fear-premium coming back into the market after last week's talks between Iran and Western powers appeared to stall. The Commitments of Traders Futures and Options report as of May 22nd showed non-commercial traders were net long 240,605 contracts, a decrease of 8,029. Non-commercial and nonreportable traders combined held a net long position of 249,657 contracts, for a decrease of 20,404 during the report week. The speculative long-liquidation trend has been a negative force for the crude oil market, but it could be nearing oversold levels.