US fuel prices surge faster than crude as exports tighten market

NEW YORK: U.S. fuel prices have surged faster than crude oil prices in the last month, as the United States has shipped more refined products abroad to supply European markets following Russia's invasion of Ukraine.

Traders say the world's stockpiles of fuel are not likely to increase quickly as big producers like OPEC, are increasing production slowly. The tightness in fuel markets is more alarming, they say, because it shows refiners are having trouble meeting demand even as more crude becomes available through big reserve releases.