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(From AFX Europe (Focus))
WASHINGTON (AFX) -
Oil prices settled at a seven-month low below $59 a barrel Tuesday as rising global supplies, slack demand and a mild Atlantic hurricane season forced geopolitical worries to the backburner.
Crude-oil futures have fallen by more than $4 in the past two days.
The recent plunge in crude has dragged down the retail price of gasoline in the U.S., which now averages $2.31 a gallon nationwide, according to the Energy Department. Analysts say pump prices could drop by another dime or so in the weeks ahead.
Several analysts said they expect Nymex oil to continue falling in the near-term, perhaps as low as $55.
"For the next three months, there is nothing in the fundamentals that is likely to support (higher) prices except an …