September crude oil prices were higher during the overnight and early morning hours, supported by a bounce in global equity markets and measure of weakness in the US dollar. It appears that the macroeconomic tone has turned hopeful ahead of Fed Chairman Bernanke's testimony in front of the US Senate Banking Committee this morning, as well as the chance that he might hint at more quantitative easing. This comes after another dismal US Retail Sales reading yesterday and reduced IMF global growth forecasts. This, along with tensions over Iran's nuclear program and the US Navy firing at a fishing boat off the UAE offer the crude oil market early support.