November crude oil prices registered a higher high during the initial morning hours but have since turned into negative territory. Early support for the crude oil market appeared to come from optimism surrounding Spain's 2013 budget and comments from Israel's Netanyahu regarding Iran's nuclear program. Meanwhile, quarter-end portfolio adjustments and the release of Spanish bank stress test results today offer a measure of caution in the market. It is also possible that the market is reacting to the latest US monthly demand readings from the EIA that were about 1.5% under previous estimates.

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