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Oil prices have fallen 73 percent since peaking at $147.27 a barrel on July 11. The Organization of Petroleum Exporting Countries, which accounts for about 40 percent of global supply, has announced production cuts totaling more than 4 million barrels per day in the last few months. However, investors are skeptical the 13-nation group will adhere to the new output quotas. "The market is looking for compliance," Kornafel said. "OPEC needs to show they are sticking to these very pronounced cuts they've already announced." In other Nymex trading, gasoline futures rose 0.15 cent to 88 cents a gallon. Heating oil fell 0.83 cent to $1.28 a gallon while natural gas for February delivery was steady at $6.08 per 1,000 cubic feet. In London, February Brent crude fell 11 cents to $40.44 a barrel on the ICE Futures exchange.
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