Oil Prices Fall in Asian Trade After Hurricane Misses US Refineries

Oil prices dropped below 59 usd a barrel in Asian trade after Hurricane Dennis, which wreaked havoc in the United States, missed Gulf of Mexico refining facilities, dealers said.

At midday (0400 GMT), the benchmark New York contract, for light sweet crude in August, was at 58.87 usd a barrel, down 76 cents from its closing price of 59.63 usd in the US on Friday.

The factor having the most impact on the market today was the Gulf of Mexico refineries escaping Hurricane Dennis, according to Victor Shum, a Singapore-based analyst with US energy consultancy Purvin and Gertz.
Forbes