July crude oil prices soldoff into a new low for the decline during the initial morning hours, pressured by renewed concerns over Spain's banking sector and reduced chances for a big round of Chinese stimulus. It seemed that growing uncertainty in Europe pushed Brent crude oil prices into new low ground for the decline and to their lowest level since December 2011. Further weakness in the Euro currency supported the US dollar, and that seemed to put added pressure on the crude oil market. Some traders suggested that the weak outside market tone this morning might have put concerns regarding Iran's uranium enrichment program, as well as supply disruption concerns, temporarily on the back burner.
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