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Crude has dropped from near $115 early last month amid concerns about slowing demand from the U.S. and Europe. Oil had surged from $84 in February, pinching consumer spending and helping to slow economic growth. "There is little doubt that the jump in the price of oil earlier this year is an important reason why the global economy has lost momentum," Capital Economics said in a report. "The recent fall in oil prices should help prevent what would otherwise have been an imminent double-dip (recession), but it will not be enough to rescue the world economy from a prolonged period of sluggish growth." Capital Economics said it estimates a $20 fall in the price of oil increases global demand and economic activity by 0.5 percent. In other Nymex trading in July contracts, heating oil added 1.7 cents to $2.84 a gallon while gasoline gained 2.3 cents at $2.91 a gallon. Natural gas futures fell 1.1 cents at $4.34 per 1,000 cubic feet.
[Associated
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