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Oil down as hurricane fears abate Oil down as hurricane fears abate
(about 8 hours later)
Oil prices have fallen after the likelihood of Hurricane Dean hitting key facilities in the Gulf of Mexico appeared to diminish. Oil prices have dipped as chances that Hurricane Dean would hit key supplies in the Gulf of Mexico diminished.
The hurricane battered Jamaica on Sunday and is expected to strike the northern coast of Mexico on Wednesday.The hurricane battered Jamaica on Sunday and is expected to strike the northern coast of Mexico on Wednesday.
Earlier fears that the hurricane would turn into the Gulf of Mexico, which prompted some oil firms to evacuate non-essential staff, have receded.Earlier fears that the hurricane would turn into the Gulf of Mexico, which prompted some oil firms to evacuate non-essential staff, have receded.
US light, sweet crude was down $1.06 at $70.92 a barrel by in afternoon trade. US light, sweet crude settled 86 cents lower at $71.12 a barrel, in late trade in New York.
Brent crude fell 68 cents to $69.76 a barrel in London. Meanwhiel Brent crude oil was 59 cents lower at $69.85 a barrel.
Storm pressureStorm pressure
Key installations in the US portion of the Gulf are expected to escape unscathed although the Bay of Campeche in Mexico, from where 70% of Mexico's oil originates, could be hit.Key installations in the US portion of the Gulf are expected to escape unscathed although the Bay of Campeche in Mexico, from where 70% of Mexico's oil originates, could be hit.
Analysts warned that prices were likely to rise anyway over the next few weeks as the hurricane season reaches its September peak.Analysts warned that prices were likely to rise anyway over the next few weeks as the hurricane season reaches its September peak.
I don't think prices will fall a whole lot further Victor Shum, Purvin & GertzI don't think prices will fall a whole lot further Victor Shum, Purvin & Gertz
"The market is reacting to the news that it doesn't look like Hurricane Dean will affect key refining facilities in the US Gulf of Mexico," said Victor Shum, an energy analyst with consultants Purvin & Gertz."The market is reacting to the news that it doesn't look like Hurricane Dean will affect key refining facilities in the US Gulf of Mexico," said Victor Shum, an energy analyst with consultants Purvin & Gertz.
"But I don't think prices will fall a whole lot further," he added."But I don't think prices will fall a whole lot further," he added.
"Traditionally, September is the peak month for hurricanes and so the oil market faces some upward exposure going forward in the next few weeks.""Traditionally, September is the peak month for hurricanes and so the oil market faces some upward exposure going forward in the next few weeks."
Royal Dutch Shell and Chevron have removed hundreds of personnel from the Gulf of Mexico but said that production would continue as normal.Royal Dutch Shell and Chevron have removed hundreds of personnel from the Gulf of Mexico but said that production would continue as normal.
Other firms such as ExxonMobil and BP have said they are monitoring conditions.Other firms such as ExxonMobil and BP have said they are monitoring conditions.
Oil prices hit a record high above $78 a barrel last month but have eased since then on worries about a slowdown in the US economy and its impact on demand.Oil prices hit a record high above $78 a barrel last month but have eased since then on worries about a slowdown in the US economy and its impact on demand.