Marker crudes approached $100/bbl in early January, prompting concerns over the impact of high prices on the global economic recovery. Global oil supply fell by 70,000 bpd to 86.45 million in December, as non-OPEC output was reduced on short-lived outages. US oil production saw an increase of 81,000 bpd throughout December, with the most notable rises in Alaska and Texas. Also, a fire at a Canadian oil sands up-grader cut January output.
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