August crude oil prices traded higher during the overnight and early morning hours, supported by ideas for more central bank monetary easing and an ongoing oil workers strike in Norway. The market managed to overcome the residual impact of Friday's weak Non-Farm Payroll report, dismal Japanese Machine orders and lower than expected Chinese consumer inflation. China's Premier Wen talked up the need to adjust energy policy to support the economy overnight, and that might suggest more stimulus action is on its way. However, some traders indicated that support from Norway strike could be temporary as the potential for government intervention to resolve the dispute increases. Other sources of support for August crude oil this morning come from lingering tensions over Iran's nuclear program, as well as flash flooding in Russia that compromised Black Sea oil loadings.
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