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"The oil market remains highly sensitive to any negative macroeconomic news, particularly with stockpiles at 22-year highs," energy trader and consultant Ritterbusch and Associates said in a report. A sustained drop in crude should eventually ease gasoline prices, which would slow global inflation and allow policymakers to implement stimulus measures or loosen monetary policy to boost economic growth. In other energy trading, heating oil was down 1.7 cents at $2.84 per gallon and gasoline futures slid 1.2 cents at $2.81 per gallon. Natural gas rose 3.8 cents at $2.63 per 1,000 cubic feet.
[Associated
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