September crude oil prices fell to their lowest level since September 2010 in overnight trade, pressured by global slowdown fears, an unfolding Euro zone debt crisis and aggressive deleveraging. These are also forces that pushed crude oil prices down 12% so far this week. Some traders indicated that sentiment began to change in the crude oil market this morning after reports of a pipeline explosion in Iran, which they say helped to turn focus away from a negative macroeconomic tone. There were also comments from OPEC indicating that they will begin negotiations if the price of crude oil continues to fall.
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