The reality of growing supplies in the US is finally catching up as oil prices are on the defensive today. Earlier in the week in the EIA Short Term Energy Outlook the EIA projected a significant increase in US domestic crude oil production for 2013 followed by Wednesday's bearish oil inventory report... especially for refined products. The bearish data was mostly discounted until yesterday when refined products started to decline followed by the entire complex trading at lower levels today. That said the decline has been limited in magnitude.
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