European gasoline margins rise

LONDON: Northwest European gasoline refining margins rose to around $3.7 a barrel on Wednesday, after a larger than expected fall in US inventories last week.

US gasoline stocks fell by 4.3 million barrels last week to 234.9 million barrels, the Energy Information Administration said, compared with expectations in a Reuters poll for a 3 million-barrel drop.

Oil product deliveries to the Spanish market from CLH Terminals, the country's leading distributor, decreased by 22.1% in August compared with last year.

Kho Hui Meng, president and chief executive officer of Vitol Asia, will retire at the end of September after a 33-year career with the company, the oil trading giant said on Wednesday.-