Refiners in U.S. Run Record Crude as Plants Cash in on Cheap Oil

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U.S. refineries processed a record volume of oil last week as plants in the Midwest raised operating rates to take advantage of widening discounts for domestic crudes.

Refinery runs climbed to 16.6 million barrels a day, the most in weekly Energy Information Administration data going back to 1989, and plants operated at 93.8 percent of capacity, the highest level since August 2005. Crude demand surged 5.4 percent in the Midwest, where fuel producers are enjoying record seasonal discounts for Canadian and domestic crudes versus U.S. benchmark West Texas Intermediate.