December crude oil prices trended lower during the initial morning hours, weighed down by weakness in outside markets and lingering concerns over slumping global demand. The market received a preliminary look at Q3 US GDP this morning, which was slightly better than expected. Ample US crude supplies and the upcoming restart of the North Sea Buzzard oil field have some traders concerned that supply is outpacing demand. This was highlighted by US Government reports noting an increase in global spare oil capacity, with reduced Iranian exports being more than made up by increases in Saudi Arabia and the US.
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