There are conflicting views about where oil markets will be in 1993, but for now the market seems to be making needed adjustments. Purvin & Gertz points to growing fourth quarter demand in the U.S. and cuts in crude runs underpinning rising oil prices and improved refining margins in early first quarter. P&G pegs spot WTI at $20.75 in January, up more than $1 from December levels, with some softening likely ahead of the next OPEC meeting in February.

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