US Refiners

Plans to resume crude oil imports had been shattered in the wake of multiple airstrikes between Israel and Iran in April last year

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.

U.S. West Texas Intermediate (WTI) crude futures were down 43 cents, or 0.6%, at $68.78.

Aramco cut Arab Light to Asia to a discount against the benchmark oil price used by the Saudis for the first time since June

The now-plentiful supply of gasoline and to a lesser extent distillate implies refiners will have to cut processing more sharply than usual over the next couple of months