With a fresh range down washout resulting in August crude oil reaching down to the lowest levels since early October of 2011, it would seem like energy prices have continued to fret over sagging demand. Adding into the downward bias in crude oil prices is news this week that crude oil stocks reached the highest level for this week since 1990. With the trade expecting a crude draw yesterday and in turn seeing a build of 2.861 million barrels, even the supply side of the equation has favored the bear camp. EIA crude stocks rose 2.861 million barrels yesterdays in the reports and they are now 23.455 million barrels above year ago levels. Furthermore, crude oil stocks now stand 40.205 million barrels above the five year average. Crude oil imports for the week stood at 9.445 million barrels per day compared to 9.117 million barrels the previous week. The refinery operating rate was 91.90% down, 0.10% from last week and that is compared to 89.20% last year and the five year average of 88.74%. With private Chinese manufacturing data posting the 8th straight monthly decline overnight, global equities under pressure and the trade faced with adverse currency market action, the bear camp would seem to hold most of the fundamental and technical cards today. About the most positive thing that can be said of crude oil this morning, is that this week's high to low slide of roughly $6 a barrel might have put prices in a short term oversold condition.