Total SA (TOT) Tuesday said that its European refining margin in the third quarter this year dropped to $10.6 per ton, from $24.1 per ton in the second quarter and $51 per ton a year earlier.

The French oil company also said Brent oil averaged $110.3 a barrel in the quarter, up from $102.4 in the previous quarter and from $109.5 in the third quarter 2012.

Total's European Refining Margin Indicator is an indicator intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region.
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