July crude oil prices traded lower throughout the overnight and initial morning as concerns over waning global oil demand came back into the spotlight. These concerns were fostered by a weak outside market tone, ideas that weekend Chinese economic data could be weaker than expected and reduced prospects for another round of quantitative easing from the US Fed. Some traders suggested that the supply side of the crude oil market could also be providing a level of weakness. This comes after Algeria's oil minister called for a lower production quota at next week's OPEC meeting.