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"While environmentally catastrophic, the amounts of oil involved are too small to materially alter global supply-demand balances in the near-term," Bank of America Merrill Lynch said in a report. Crude production in the Gulf of Mexico accounts for 1.9 percent of overall global oil output of 86 million barrels per day, the bank said. In other Nymex trading in July contracts, heating oil rose 0.2 cent to $2.1343 a gallon and gasoline added 0.16 cent to $2.1609 a gallon. Natural gas was up 8.2 cents at $5.060 per 1,000 cubic feet. Brent crude was up 63 cents to $78.76 a barrel on the ICE futures exchange.
[Associated
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