Although oil stats released yesterday pointed to a bearish outlook for daily oil prices the WTI contract still managed to reach $82.50 before falling back slightly to close at $83.17. The weekly oil stats revealed stocks at Cushing building by 1.3m barrels (a new record high); equally negative was a gasoline build of 3.7m barrels with only a draw in distillates of -0.3m which is unusually weak given the recent spell of extremely cold weather. Refining capacity too was down 0.4%.
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