Big Oil sees more profit pain as refining safety net slips

London

THE world's biggest oil companies, supported during crude's collapse by a buoyant refining business, have lost that buffer as brimming fuel stockpiles swamp demand.

Profits from turning oil into petrol and diesel contracted 42 per cent last quarter from a year earlier to an average US$11.60 a barrel, the weakest for the time of year since 2010, industry data from BP plc shows. The impact of that will be apparent as earnings for the period roll in over the coming weeks.