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Markets largely disregarded inventory data from the American Petroleum Institute, published after markets closed yesterday and which revealed a rise in both crude oil stocks and oil product stocks. "The current price trend shows that movements on equity and foreign exchange markets are clearly more important at the moment than oil market fundamentals," Commerzbank said in a note. In other Nymex trading in July contracts, heating oil was steady at $2.0684 a gallon and gasoline dropped 1.6 cents to $2.1052 a gallon. Natural gas was steady at $5.191 per 1,000 cubic feet. Brent crude shed 8 cents to $77.02 a barrel on the ICE futures exchange.
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