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Oil prices calm despite hurricane Oil prices calm despite hurricane
(about 4 hours later)
Global oil prices have fallen in Tuesday trading on relief that Hurricane Dean is likely to miss key US platforms in the Gulf of Mexico.Global oil prices have fallen in Tuesday trading on relief that Hurricane Dean is likely to miss key US platforms in the Gulf of Mexico.
The storm is on target to hit Mexico, but the International Energy Agency said any damage to Mexican rigs should not effect the global oil market.The storm is on target to hit Mexico, but the International Energy Agency said any damage to Mexican rigs should not effect the global oil market.
US light, sweet crude fell $1.72 to $69.40 - a level not seen since July - while Brent was down $1.34 to $68.51. US light, sweet crude settled $1.65 lower at $69.47 while Brent fell $1.16 to $68.69.
Mexican energy firms have shut down all production in the Gulf of Mexico.Mexican energy firms have shut down all production in the Gulf of Mexico.
The market is sensing that most oil production facilities will be spared Phil Flynn, Alaron As soon as the market realized that there would not be any damage, correction has continued Olivier JakobPetromatrix
The main state-owned Petroleos Mexicanos said it had evacuated more than 18,000 workers.
This has resulted in a loss of production of 2.7 million barrels of oil, and 2.6 billion cubic feet of natural gas per day.This has resulted in a loss of production of 2.7 million barrels of oil, and 2.6 billion cubic feet of natural gas per day.
Emergency supplies The main state-owned Petroleos Mexicanos said it had evacuated more than 18,000 workers.
President Felipe Calderon said the output would be offline until Friday.
"As soon as the market realized that there would not be any damage, correction has continued," said Olivier Jakob of Petromatrix.
The US government said it was prepared to make emergency withdrawals from the nation's Strategic Petroleum Reserve to offset any loss from Mexico, which supplies 13% of US imports.The US government said it was prepared to make emergency withdrawals from the nation's Strategic Petroleum Reserve to offset any loss from Mexico, which supplies 13% of US imports.
"Hurricane Dean has been making tracks but the latest track shows his fury might miss key US oil producing and refining areas," said Phil Flynn, analyst at financial house Alaron.
"Obviously these storms can make unexpected twists and turns but as of now the market is sensing that most oil production facilities will be spared."
The International Energy Agency represents the world's 26 main oil consuming nations.