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NEW YORK (AP) - Oil and gasoline futures fell Tuesday as traders took profits from the previous session's rally and priced in expectations that a government report Wednesday will show increases in gas inventories and refinery utilization.
Traders largely shrugged off an International Energy Agency report that raised the prospect of a global oil crunch this year due to higher-than-expected demand and below-par supply from the Organization of Petroleum Exporting Countries and other producers.
At the pump, gasoline prices accelerated their retreat from late May's record of $3.227 a gallon. The average national price of a gallon of gas fell 1.5 cents overnight to $3.066 a gallon.
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