Considering that NYMEX crude rose yesterday on speculation that demand for oil will grow next year, an increase in stocks will be required to cool off what looks like the beginning of a little rally in oil prices.
It looks like the market will be focused on the interest rate cycle this week and finish off with non farm payrolls on Friday, so many market participants are expecting this week to determine the direction of U.S. indices for the remainder of the year.
It looks like the impetus to buy has dried up and certainly European bourses are feeling the pressure from yesterday's sell off in the U.S.,