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NEW YORK (AP) - Oil and gas futures prices retreated Tuesday on expectations that a government inventory report on Wednesday will again show that crude and gasoline stocks rose last week.
The weekly report by the Energy Department's Energy Information Administration has become critical for analysts and traders during a spring and early summer that have seen an unusually high number of refinery outages. Those refinery problems have been widely cited by analysts as the reason for record gas prices, and high oil and gasoline futures prices.
An increase in inventories in Wednesday's report could take some air out of the futures market, analysts said.
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