Wall Street

Oil falls 2.5% as U.S. refiners ramp up output, equities retreat

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Reuters UK

By Arathy Somasekhar HOUSTON (Reuters) – Oil prices fell 2.5% on Wednesday, reversing early gains as traders grew less worried about a supply crunch after government data showed U.S. refiners ramped up output, and as crude futures followed Wall Street lower. Brent crude futures for July settled down $2.82, or 2.5%, at $109.11 a barrel. U.S. West Texas Intermediate (WTI) crude for June fell $2.81, or 2.5%, to $109.59 a barrel. Both benchmarks gave up early gains of $2-$3 a barrel following a change in risk sentiment as equity markets fell, said UBS analyst Giovanni Staunovo. U.S. crude inventor…

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