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Asian refiners' profits slump as mild weather exacerbates oil products glut

by_florence_tan_and_jessica_jaganathan
Asian refiners' profits slump as mild weather exacerbates oil products glut

Oil refiners' profits in Asia have slumped to the lowest in more than four years after refineries ramped up output in the fourth quarter and churned out excess fuel in anticipation of stronger demand during winter. Oil inventories are building as new refineries in China and Vietnam are running at full tilt, adding to Asia's supplies. Oil demand also slowed after global Brent crude prices jumped to more than $80 a barrel in September and as the global economic outlook turned gloomy, although a sharp retreat in prices in the past month to below $60 could start to spur demand again.