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"There are other nations that will be boycotting Iran. That is probably adjusting market expectations of tighter supplies," said Natalie Robertson, a commodities analyst with ANZ Banking Group in Melbourne. "There is going to be a rebalancing. Iran will have to find new customers for its crude since its usual customers are cutting down imports. During that period, there is going to be some time while the market adjusts to the imbalances, and that is what is keeping prices supported." In other energy trading, heating oil rose 0.8 cent to $3.02 per gallon and gasoline futures were up 0.7 cent at $2.82 per gallon. Natural gas rose 5.5 cents to $2.61 per 1,000 cubic feet.
[Associated
Press;
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