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Weak refining profits add to woes at Exxon and Chevron

The US driving fuels market has near-perfect demand conditions, but petrol profit margins have been worn down by persistent oversupply.

New York

US oil giants ExxonMobil and Chevron reported another bruising round of results last Friday, with a glut of petrol and other refined products adding to the hit from low oil prices.

ExxonMobil reported a nearly 60 per cent plunge in second-quarter net income to US$1.7