October crude oil prices trended lower during the overnight and initial morning hours, registering a new four day low in the process. Ideas that global economic growth could be on a slowing track, as well as uncertainty around Euro zone meetings over another bailout installment for Greece seemed to put pressure on the crude oil market. Some traders indicated that overnight losses might have been limited as a result of unrest in Syria and the IAEA meeting over Iran's nuclear weaponry. There also appears to be a measure of support coming into the market on forecasts calling for Tropical Storm Isaac to strengthen to hurricane status next Tuesday morning, and that could compromise Gulf of Mexico operations. Data from the EIA indicates that Gulf of Mexico offshore oil production represents about 23% of total US crude production.
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