Monday, September 01, 2008
Gustav moving on: Oil falls below $111
While Americans were drinking beer, grilling brats, and wondering whether God and man would destroy New Orleans for a second time in three years, European oil and currency traders were watching Gustav dissipate without screwing up the oil and gas supply chain.
Oil prices tumbled to $111 a barrel Monday as Hurricane Gustav weakened along the Gulf Coast and posed less of a threat to oil drilling and refining operations.
A stronger dollar also helped send oil lower after crude gained nearly $3 to trade above $118 a barrel in anticipation of Gustav's hitting Louisiana. Light, sweet crude for October delivery was down $4.34 at $111.12 in late afternoon electronic trading on the New York Mercantile Exchange. On Friday, the contract fell 13 cents to settle at $115.46 a barrel.
In London, October Brent crude was down $4.32 at $109.73 a barrel on the ICE Futures exchange. U.S. trading was closed Monday for Labor Day.
Michael Moore must be very disappointed.
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