Jun crude oil prices this morning are trading sharply lower by $1.25 and gasoline is down 1.42 cents. Crude oil is seeing continued selling pressure today from (1) today's weak European services PMI reports and nervousness ahead of today's U.S. payroll report and Sunday's elections, and (2) technical weakness after yesterday's sharp sell-offs. Crude oil and gasoline prices on Thursday sold-off sharply: CLM12 -2.61, RBM2 -0.0265. Bearish factors Thursday included heavy technical selling, the weak U.S. ISM non-manufacturing index report, ECB President Draghi's comment that the Eurozone economy faces "downside risks." Crude oil prices also saw continued weakness from Wednesday's weekly DOE report, which showed a sharp 0.8% rise in U.S. crude oil inventories to a 21-1/2 year high.
