August crude oil prices were under pressure during the initial morning hours, weighed down by a cautious outside market tone, rising borrowing costs in Spain and renewed efforts by Norway to resolve the oil workers strike. Yesterday's EIA inventory report showed a much larger than expected draw in crude oil stocks of 4.270 million barrels, largely in response to reduced flows from Tropical Storm Debby. EIA crude stocks are 24.316 million barrels above year ago levels and 40.787 million barrels above the five year average. Crude oil imports for the week were down from disruptions caused by Tropical Storm Debby to 8.774 million barrels per day compared to 9.118 million barrels the previous week. The refinery operating rate was down 0.6% to 92.0%, which compares to 88.4% last year and the five year average of 88.87%. A disappointing June Non-farm Payroll report this morning has the potential to bring the US Fed off the bench and offer up more monetary stimulus.