The negative influence of Monday's wide range reversal pushed July crude oil prices down to their lowest level since October 6th in overnight action. The outside market tone was slightly positive during the early morning hours, and that probably helped lift crude oil from their overnight low. However, there remain a number of headwinds regarding the European debt crisis that are keeping traders nervous. Data from OPEC earlier this morning indicated that the supply and demand balance in the oil market could ease later this year as the global economy grapples with slowing economic growth. Comments from Saudi Arabia's oil minister seemed to back track comments yesterday, saying that he was happy with OPEC's current oil production target. Traders are paying close attention to OPEC member comments ahead of their meeting Thursday.
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