September crude oil fell by more than 6.75% during the overnight trade, pressured by double-dip recession fears in the US and risk aversion in many global markets. The energy markets received the latest Chinese inflation data overnight, which came in above expectations and indictated that inflation is running close to its fastest rate in three years. In the meantime, OPEC came out with its revised 2011 global oil demand readings this morning to show a 150,000 barrel per day reduction from June, for a net increase on the year of 1.21 million barrels per day. The cartel noted a 'dark cloud' hanging over the global economy as something they are following closely, as they have boosted output to just over 30.0 million barrels per day. Looking forward to today's trade, the market will focus in on the FOMC meeting and for fresh measures to prop up flailing market confidence.
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