The market mostly discounted the huge build in crude oil in the mid west area of the US as well as the eight weekly build in gasoline stocks and rather focused on perception that oil fundamentals will improve going forward. Supply continues to outstrip demand but the market seems to only focus on the demand side of the equation improving as the global economy improves across 2013. Even OPEC acknowledged in their monthly oil report yesterday that demand is slowing as the main result OPEC reduced crude oil production in the later part of 2012.
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