Morning Crude Oil Market Report

July crude oil prices traded higher in overnight and early morning action, registering a new four-day high in the process. A number of factors have come together in the crude oil market that have offered support, including yesterday's OPEC agreement to keep the cartel's production at 30 million barrels per day and ideas that central bankers were ready to offer more monetary stimulus if needed. OPEC's commitment to adhere to the 30 million barrel per day target is a bit lower than recent production levels near 31.5 million barrels per day. However, the wild card will be whether Saudi Arabia trims their record production pace in adherence to the target.