Crude oil prices fell Monday as Tropical Storm Fay looked set to spare energy facilities in the Gulf of Mexico and as the Baku-Tbilisi-Ceyhan pipeline appeared ready to reopen soon.
New York's main contract, light sweet crude for September delivery, dropped 90 cents to close at 112.87 dollars a barrel.
In London, Brent North Sea crude for October lost 61 cents to settle at 111.94 dollars a barrel.
Oil prices earlier had climbed as investors worried that Tropical Storm Fay would strike the Gulf of Mexico, where nearly a quarter of US oil installations are located.
The New York futures contract had bounced above 115 dollars before losing steam when it became clear that Fay, which had battered the Dominican Republic, Haiti and Cuba, was on track to hit Florida.
Royal Dutch Shell said it had evacuated 425 staff from the Gulf of Mexico but added that no more workers would leave as Fay appeared likely to miss its energy installations.
According to the Miami-based National Hurricane Center, Fay could reach hurricane strength before making landfall in Florida late Monday.
So at the rate that oil prices are dropping when is gas going to drop below $3.00 a gallon again.
New York's main contract, light sweet crude for September delivery, dropped 90 cents to close at 112.87 dollars a barrel.
In London, Brent North Sea crude for October lost 61 cents to settle at 111.94 dollars a barrel.
Oil prices earlier had climbed as investors worried that Tropical Storm Fay would strike the Gulf of Mexico, where nearly a quarter of US oil installations are located.
The New York futures contract had bounced above 115 dollars before losing steam when it became clear that Fay, which had battered the Dominican Republic, Haiti and Cuba, was on track to hit Florida.
Royal Dutch Shell said it had evacuated 425 staff from the Gulf of Mexico but added that no more workers would leave as Fay appeared likely to miss its energy installations.
According to the Miami-based National Hurricane Center, Fay could reach hurricane strength before making landfall in Florida late Monday.
So at the rate that oil prices are dropping when is gas going to drop below $3.00 a gallon again.
No comments:
Post a Comment