{"id":492356,"date":"2022-05-19T09:24:14","date_gmt":"2022-05-19T03:54:14","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=492356"},"modified":"2022-05-19T10:06:56","modified_gmt":"2022-05-19T04:36:56","slug":"oil-rates-fall-2-as-us-refiners-ramp-up-output-equities-retreat","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-rates-fall-2-as-us-refiners-ramp-up-output-equities-retreat\/","title":{"rendered":"Oil rates fall 2% as US refiners ramp up output, equities retreat"},"content":{"rendered":"<p>HOUSTON (Reuters) -Oil prices reversed course and fell over 2% on Wednesday after government data showed U.S. refiners ramped up output, easing worries of a supply crunch, and as traders took cues from a drop in equities market.<\/p>\n<p>Brent crude was down $2.41 cents, or 2.4%, at $109.52 a barrel at 12:05 a.m. ET (1605 GMT), while U.S. West Texas Intermediate (WTI) crude fell $2.5 cents, or 2.2%, to $1 09.85 a barrel.<\/p>\n<p>Brent settled below WTI on Tuesday &#8211; the first time since May 2020 &#8211; and was still unusually trading at a discount due to strong export demand and tightening U.S. crude stockpiles.<\/p>\n<p>U.S. crude inventories fell by 3.4 million barrels last week, government data said, an unexpected drawdown as refiners ramped up output in response to tight product inventories and near-record exports that have forced diesel and gasoline prices to record levels in the United States.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>HOUSTON (Reuters) -Oil prices reversed course and fell over 2% on Wednesday after government data showed U.S. refiners ramped up output, easing worries of a supply crunch, and as traders took cues from a drop in equities market. Brent crude was down $2.41 cents, or 2.4%, at $109.52 a barrel at 12:05 a.m. ET (1605 GMT), while U.S. West Texas Intermediate (WTI) crude fell $2.5 cents, or 2.2%, to $1 09.85 a barrel. Brent settled below WTI on Tuesday &#8211; the first time since May 2020 &#8211; and was still unusually trading at a discount due to strong export demand [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,169],"tags":[],"class_list":["post-492356","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/492356","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=492356"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/492356\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=492356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=492356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=492356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}