January crude oil prices grinded higher during the overnight and early morning hours as they rebounded from this week's sell off. Some traders indicated that the macroeconomic tone this morning was supportive for the crude oil market, with higher equity markets, weakness in the US dollar and ideas that China's Central Bank may introduce new monetary easing maneuvers. Ideas that economic growth out of Europe is expected to fall into early 2012 has trimmed global oil demand forecasts and pressured prices. There also appears to be talk in the markets over a potential credit-rating downgrade in Europe in the near term.
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