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Oil settles down slightly as storm looms
Source: Agencies |
July 24, 2010, Saturday
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OIL prices dipped yesterday as worries eased about potential damage to Gulf Coast oil operations from Tropical Storm Bonnie.
Benchmark crude fell 32 cents to settle at US$78.98 a barrel on the New York Mercantile Exchange. Oil has picked up about US$2 a barrel since Monday.
The storm, expected to hit the Gulf of Mexico this weekend, has prompted some companies to evacuate crews from rigs. Dozens of ships that were working on a permanent fix for BP's damaged oil well already have been ordered to shore.
"It still appears zeroed in up through the production alleys heading toward Louisiana but updates suggest that it's not going to be a real powerful deal capable of doing significant damage," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates.
Crude had wavered in the mid-US$70s this month before Thursday's breakout, suggesting investors have renewed confidence the global economic recovery is on track.
Traders have been watching stock markets, corporate earnings and economic data for clues about investor sentiment and the strength of the U.S. and global economies.
In other Nymex trading, heating oil fell 1.19 cents to settle at US$2.0505 a gallon, and natural gas gave up 6.3 cents to settle at US$4.580 per 1,000 cubic feet.
Brent crude lost 37 cents to settle at US$77.45 a barrel on the ICE futures exchange.
Benchmark crude fell 32 cents to settle at US$78.98 a barrel on the New York Mercantile Exchange. Oil has picked up about US$2 a barrel since Monday.
The storm, expected to hit the Gulf of Mexico this weekend, has prompted some companies to evacuate crews from rigs. Dozens of ships that were working on a permanent fix for BP's damaged oil well already have been ordered to shore.
"It still appears zeroed in up through the production alleys heading toward Louisiana but updates suggest that it's not going to be a real powerful deal capable of doing significant damage," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates.
Crude had wavered in the mid-US$70s this month before Thursday's breakout, suggesting investors have renewed confidence the global economic recovery is on track.
Traders have been watching stock markets, corporate earnings and economic data for clues about investor sentiment and the strength of the U.S. and global economies.
In other Nymex trading, heating oil fell 1.19 cents to settle at US$2.0505 a gallon, and natural gas gave up 6.3 cents to settle at US$4.580 per 1,000 cubic feet.
Brent crude lost 37 cents to settle at US$77.45 a barrel on the ICE futures exchange.
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