Oil price falls 2.5% as US refiners ramp up output, equities retreat

Brent crude LCOc1 settled down US$2.82, or 2.5%, at $109.11 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 fell $2.81, or 2.5%, to $109.59 a barrel.(File pic: Chevron refinery in US)

HOUSTON: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 LCOc1 settled down US$2.82, or 2.5%, at $109.11 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 fell $2.81, or 2.5%, to $109.59 a barrel.