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US refiners making windfall profits with oil price discounts

Refiners active in the Midwest reported strong third-quarter profits, helped by steep discounts for heavy Canadian crude and Permian oil, which traded at an average $28 a barrel and $14 a barrel below West Texas Intermediate, respectively. Phillips 66 saw its quarterly profits skyrocket by 81% to almost $1.5 billion, while BP achieved its highest profits in five years, partly due to its Whiting, Ind., refining operations.

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