News that China’s oil imports will be down because of a decline in demand is also weighing on the market overnight.

Traders are getting mixed signals at this time and may be content with holding the market in a range. Bearish traders are citing the drop in global demand as the main reason for keeping downside pressure on crude oil. Bullish traders are buying in anticipation of another OPEC production cut at this weekend’s meeting. The Saudi’s are not in favor of a cut until there is full compliance with the earlier cuts. Venezuela, Iran and Russia have already gone on record favoring a daily reduction.