Oil Oxidizes Only During Use?

I think you mean 113 C. My cars normal oil temp is 120 C.

20C to 45C is ideal storage conditions. Anything outside that begins to effect lubricant life. My assumption is that if it effects it in the original container it likely would in the crankcase as well. I have seen -20C to 60C listed as acceptable in some places so my assumption is for most people any effect on lifespan would be minimal but I wouldn't leave a drum in the sun in Death Valley for 50 years.
 
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