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Analysts do not expect oil prices to decline much further, however. Geopolitical risks remain, and OPEC has signaled it will lower oil production in the coming months, which would reduce global supplies and prevent a further drop in prices. "The geopolitical premium must not be forgotten, and may not remain muted for long," said analysts at Credit Agricole CIB in Hong Kong. In other energy futures trading on the Nymex: Wholesale gasoline fell 3 cents to $2.75 a gallon. Heating oil fell 3 cents to $2.84 per gallon. Natural gas fell 11 cents to $3.77 per 1,000 cubic feet.
[Associated
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