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"Over the past months, stockpiles around the globe have continued to grow as the world's largest producers (the U.S., Saudi Arabia and Russia) continue to pump at or near record levels," energy analyst Richard Soultanian of NUS Consulting said in a report. "The markets are extremely well supplied and demand, as a result of slow growth in the U.S., recession in Europe and slowing growth in Asia, remains tepid." In other energy trading, heating oil was down 1.5 cents at $2.98 per gallon and gasoline futures slid 0.2 cents to $2.99 per gallon. Natural gas added 3.7 cents at $2.43 per 1,000 cubic feet.
[Associated
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