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Some analysts are optimistic that crude demand in the U.S. and China, the world's two largest oil consumers, is about to rebound. Economic sanctions by Western powers against Iran may also cut crude output from the OPEC member, tightening global supplies. "We're looking at the bottom in U.S. gasoline demand, the bottom of the China slowdown and we are just starting to feel the pinch on Iranian sanctions," said Carl Larry at Oil Outlooks and Opinions. "Outside of another economic meltdown, there's not much that we can see that is going to bring this oil price back down." In other energy trading, heating oil was down 0.8 cents at $3.14 per gallon and gasoline futures fell 0.7 cents at $3.14 per gallon. Natural gas rose 0.1 cent at $2.01 per 1,000 cubic feet.
[Associated
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