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"If the oil price were to fall further, this would step up the pressure on OPEC to take action," said a report from analysts at Commerzbank in Frankfurt. "At present, OPEC is producing (around) 800,000 barrels per day more crude oil than is needed given the growing shale oil production in the U.S. and the weaker than expected global oil demand." Meanwhile many drivers in the U.S. are seeing lower prices at the pump. The national average for a gallon of regular fell about half a cent at $3.51 a gallon. That's about five cents lower than a week ago and almost 39 cents below a year ago. In other energy futures trading on the Nymex: Gasoline rose 2 cents to finish at $2.77 per gallon. Heating oil added 1 cent to end at $2.79 a gallon. Natural gas rose 1 cent to finish at $4.41 per 1,000 cubic feet.
Pamela Sampson in Bangkok and Pablo Gorondi in Budapest contributed to this report.
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