September crude oil prices grinded lower during the early morning hours, pressured by a weakening outside market tone and a measure of profit-taking after recent gains. Early pressure came after the Bank of England's downwardly revised their 2012 growth outlook, from a lack of details on ECB bond buying program and the larger than expected decline in June German import activity. Growing hopes that central bankers in the US, ECB and China would offer up more monetary stimulus has been instrumental in helping September crude oil breakout of its recent trading range. Meanwhile, the latest monthly report from the EIA raised their 2012 global oil demand forecasts by 90,000 barrels per day. Expectations for this morning's EIA crude inventory report are for draw in the range of 750,000 to 1.5 million barrels. There is a chance that the EIA draw could be a bit larger than expected given the closure of the Enbrige pipeline 14 into the Midwest last week.
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