Oil Prices Fall As Dennis Loses Energy
Posted on: Monday, 11 July 2005, 12:00 CDT
Crude oil prices fell Monday after it became clear Hurricane Dennis would not disrupt Gulf of Mexico production.
Crude futures for August delivery traded at $58.60 a barrel on the New York Mercantile Exchange, down $1.03, or 1.7 percent. It traded as low as $58.40 earlier, its lowest intraday level since July 1.
Dennis had threatened to affect Gulf production as Cindy had, but that fear was not borne out.
Product prices followed crude down: Unleaded gas for August delivery fell 2.29 cents to $1.74 a gallon; and August heating oil fell 2.81 cents to $1.69 a gallon. August natural gas fell by 11.2 cents to $7.36 per million British thermal units, a standard volumetric measure of the commodity.
Source: United Press International
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