$70 Oil Cripples European Refiners

In the latest indication of the strength of the recovery of global oil prices, European refineries are struggling to pay their crude bills as margins decline and demand weakens for some of their products, Bloomberg reports. The profit curve for fuel oil, used by shippers and power stations, has fallen the most dramatically. High inflows of diesel in the Middle East are making that fuel difficult to bank on as well. As a result of the capital crunch, refinery runs could become shorter, KBC Advanced Technologies, a research firm in the sector, says,…

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