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Oil and Gasoline Prices Climb Ahead of U.S. Gulf Coast Storms

Oil and gasoline futures rose Monday as two back-to-back storms that are on track to hit the Gulf of Mexico this week prompted the shutdown of some production in the region.

Wholesale U.S. gasoline futures, the benchmark for U.S. gasoline production, rose 2.4% to $1.24 a gallon on the New York Mercantile Exchange. Contracts linked to the main U.S. crude oil index advanced 0.3% to $42.45 a barrel, while Brent crude, the international gauge for oil prices, gained 0.7%.

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