Oil prices regressed today as the US dollar rose against the euro, which continues to struggle with bailout issues surrounding Greece. Oil fell to an intraday low of $84.06 with only nominal recovery into the close. Meanwhile, oil market bears got comfortable as inventories neared a record 35.7 million barrels on Jan. 1 as Canadian imports rise and refineries shut for maintenance. In fact, oil supplies are so abundant that WTI is trading at a discount to lower-quality Brent crude.
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