June crude oil traded lower during the early morning hours and appeared hamstrung by concerns of slowing US demand. This view was highlighted in yesterday's monthly EIA figures that showed an unexpected decline in February US oil demand as well as slower than expected US GDP growth. However, some traders suggested that continued weakness in the US dollar and Middle East and North African turmoil could provide a measure of support. It seems that pro-Gaddafi supporters have now infiltrated into Tunisia in an ongoing battle against rebels that has passed beyond Libyan borders.
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- Also read: DAILY KITCOMMENTARY FOR: Dec. 23, 2010
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