Crude Oil Market Morning Report for april 5, 2011

Crude Oil Market Morning Report for april 5, 2011 : May crude oil prices spent the overnight and early morning hours in negative territory, pressured by profit-taking in Brent crude oil and marginal weakness in outside markets. May crude oil came under added pressure after this morning's decision by the People's Bank of China to hike short term rates in an effort to contain inflation. While that maneuver is expected to cool demand for commodities like crude oil, continued unrest and geopolitical risks in North Africa and the Middle East provide a level of support. Some traders also suggest that there are signs that US demand for crude oil could be waning with inventories approaching their highest levels in four months.

Expectations for this week's data are for a fifth consecutive weekly build, in the range of 1.5 to 1.75 million barrels. Some technical traders indicated that the price action in May crude could be reaching short term overbought territory after a $6.00 rally from last Tuesday's low and after prices closed higher 4 of the last 5 sessions. For the latest updates PRESS CTR + D or visit Stock Market news Today

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