Crude oil prices have posted moderate gains early in today's session and have extended yesterday's late rebound. Many traders feel that a shift back toward a "risk on" market vibe has contributed to the late-week recovery in crude oil prices this morning, as November crude oil at yesterday's lows was almost $10 a barrel below the mid September highs. The crude oil market may also benefit from renewed supply side fears from Libya and the North Sea area as well.
News that Chinese oil imports from Iran dropped sharply, might be seen as a sign that other suppliers are gaining a foothold, but some traders have noted that earlier in the week, that report would have been interpreted as a sign of slumping economic activity in China. Favorable currency market action, higher global equities and gains in a host of physical commodities are also widely seen as supportive factors for the crude oil market going into today's trading.
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