New York-Oil futures bounced sharply higher Tuesday after OPEC said non-OPEC production will drop more than previously expected, while technical buying likely provided a further boost, helping crude recover from two-month lows. NYMEX August crude settled $2.04 higher at $46.80/b. ICE September Brent settled $2.22 higher at $48.47/b. NYMEX August ULSD settled up 4.69 cents at $1.4632/gal. NYMEX August RBOB settled 4.66 cents higher at $1.4301/gal.
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