September crude oil prices experienced a choppy trade during the initial morning hours. Early support for the crude oil market seemed to come from a rally in global equity markets and slight weakness in the US dollar. While the current focus on the market is on US economic data, the US Fed and ECB meetings this week, violence in Syria continues. The situation with Iran's uranium program and new round of US sanctions up for a vote this week keeps the geopolitical risk premium from going away. The latest monthly report from the EIA showed an increase in May US oil demand of nearly 2.0%, compared to year ago levels, which was a bit higher than expected.
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