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Looming petrol glut, rampant crude output threaten price rebound

Big gasoline importers China and Japan are flipping to exports; margins in Singapore halve as stocks rise

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In China, the rise of independent refiners has driven exports of petrol and diesel as refineries churn out more fuel than even fuel-thirsty China needs.

Singapore

A REBOUND in oil prices this year from 12-year lows is in danger of coming to a crashing halt, as the main engine of global demand growth for the past several years starts to sputter amid signs of a gasoline glut.

Crude oil has rallied more than two-thirds from its mid-