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Oil prices drop on Libyan cease-fire

NEW YORK, March 18 (UPI) -- Crude oil futures closed lower Friday on the New York Mercantile Exchange, settling at $101.07 on news Libyan strongman Moammar Gadhafi called a cease-fire.

Light sweet crude fell 35 cents, despite doubts about Gadhafi's sincerity. U.S. President Barack Obama warned Gadhafi there would be consequences if government forces did not end their attacks on rebel strongholds.

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Natural gas held onto the Thursday's strong gains. Henry Hub natural gas gained 1 cent to settle at $4.168 per British thermal unit. Milder weather forecasts for the Northeast sent heating oil lower, down 4.06 cents to $3.0243.

Reformulated blendstock gasoline closed at $2.9494, off 0.12 cents.

AAA reported the price at the pump Friday averaged $3.54, down from Thursday's $3.546.

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