October crude oil registered a higher high during the initial morning hours, supported in part by weakness in the US dollar and modest lift in US equity markets. Some traders also pointed to expectations for another inventory draw in tomorrow's EIA report and modest uptick in geopolitical risk as factors that could be lending the crude oil market support. Meanwhile, uncertainty over a final verdict from the Fed to pursue more quantitative easing could be a force keeping prices within their three week trading range. The latest monthly report out of OPEC indicated that global crude oil supplies were ample and that there remained downside risks to demand into 2013.
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