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Crude oil prices rebound Thursday

NEW YORK, July 12 (UPI) -- Crude oil prices rebounded Thursday after falling to less than $85 a barrel on concerns about economic growth in Europe and Asia, analysts said.

Crude oil for August delivery was up $1.90, or 2.3 percent, to $85.81 a barrel on the New York Mercantile Exchange.

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The U.S. Energy Information Administration's oil inventory report shows U.S. oil inventories dropped by 4.7 million barrels, which was much more than anticipated, analysts said.

The report showed a drop in gasoline demand.

Reformulated blendstock gasoline was up 2.2 cents $2.77 a gallon.

Home heating oil was up 4.2 cents to $2.76 a gallon.

Natural gas for August delivery was up 2.1 cents, or 0.7 percent, to settle at $2.874 per million British thermal units.

At the pump, the national average price of unleaded gasoline was up slightly to $3.384 per gallon Wednesday, AAA said.

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