July crude oil prices rallied throughout the initial morning hours, supported by data that showed better than expected economic growth in Australia, as well as ideas that global leaders could be closer to offering up support. This bolstered risk-taking sentiment in the market, lifting global equities sharply higher and pressuring the US dollar lower. Some traders suggested that the crude oil market might have drafted a measure of support from private industry data late Tuesday that showed a larger than expected decline in US supplies last week. Expectations for today's EIA inventory data are for a draw in the range of 1.0 million barrels.