The crude oil complex traded in negative territory throughout the morning hours, pressured by uncertainty surrounding the European debt situation and ideas that crude oil supplies could be running ahead of demand. Into the early morning low, July crude oil prices were off more than $5.00 from yesterday's high of $87.00.
Some traders also suggested that there was a level of concern in the market that upcoming Chinese data releases this weekend might indicate a deeper than expected economic slowdown. Meanwhile, natural gas prices spent the morning in positive territory as they clawed back from an early drop to the lowest level since April 27th.
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