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"A conflict between Israel and Iran could have severe consequences for global oil production and distribution," Bank of America Merrill Lynch said in a report. "A sustained rise in oil above $150 would likely push the U.S. into recession." China's first quarter economic growth figures, due Friday, are also expected to provide a cue for the oil market as the country is a major consumer of fuel. In other energy trading, heating oil was up 0.5 cent at $3.12 per gallon and gasoline futures added 0.4 cent at $3.30 per gallon. Natural gas fell 0.2 cent at $1.98 per 1,000 cubic feet.
[Associated
Press;
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