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Energy prices seesawed daily early last week, with the new near-month August contract for US light, sweet crudes falling 68¢ to $37.57/bbl June 23 on the New York Mercantile Exchange and the US spot market price for West Texas Intermediate slipping 45¢ to $37.68/bbl after the US Energy Information Administration reported US crude inventories jumped by 2.5 million bbl to 305.4 million bbl in the week ended June 18—the highest level since the week ended Aug. 2, 2002.

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