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Oil rebounding after hitting seven-month low

Benchmark oil rose $1.21 to $91.11 per barrel Thursday in New York.

The Associated Press

5/24/2012

Oil is rebounding a day after hitting a seven-month low below $90 a barrel.

Benchmark oil rose $1.21 to $91.11 per barrel Thursday in New York. Brent crude climbed 85 cents to $106.40 per barrel in London.

Oil is down more than $15 per barrel since May 1. That decline is attracting some bargain hunters, analysts say.

Oil prices topped $100 per barrel earlier this year as a dispute intensified over Iran's nuclear program. Iran has this week come to the negotiating table, but has so far rejected proposals by Western leaders.

Meanwhile, natural gas prices are lower as supplies continue to expand.

At the pump, AAA says retail gasoline prices fell less than a penny overnight to $3.676 per gallon. That's about 31 cents less than a month ago.

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