As I detailed in yesterday's newsletter the global oil supply and demand balance can be isolated into two major parts... the US on the supply side and China on the demand side. This week the US side of the equation was bearish on several counts... forecasted production growth for 2013 as well as yesterday's bearish weekly oil inventory report (see below for a more detailed discussion). On the other hand the market got a boost from the demand or China front after the latest Chinese customs data released overnight showing Chinese crude oil imports in December rose by 8% year over year. In addition the value of China's exports grew by 14.1% in December compared with the same period last year.
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