March crude oil carved out a tight trading range overnight that remained within the lower portion of yesterday's wide range decline. Some traders mentioned that the outside market forces were positive, with higher global equity markets and a weaker US Dollar, and that seemed to offer some modest support. There still appears to be a hangover effect within the crude oil market over a potential Chinese interest rate hike. In the meantime, government reports out of China overnight indicated that they planned to boost their crude oil imports in 2011 by over 10% compared to 2010 levels in an effort to build up strategic reserves. Yesterday's EIA storage data showed much larger than expected build for crude oil, with an increase of 2.617 million barrels. The weekly build created a 5.164 million barrel cushion above year ago levels and 16.93 million above the five year average. Part of the unexpected increase came from a jump in crude oil imports to 8.999 million barrels per day compared to 8.895 million barrels the previous week. The other surprise element was the significant decline in the refinery operating rate, which came in at 83.0%, down 3.4% from the previous week.