Oil Producer Get-Together Throws Water on Refining Party: ChartBy
Brent crude, the benchmark for more than half the world’s oil, has surged from a 12-year low this year after Saudi Arabia, Russia, Venezuela and Qatar tentatively agreed to cap output and reduce a worldwide surplus. Refining margins in Asia, meanwhile, have shrunk to $5.30 a barrel, more than 50 percent lower from a year earlier.
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