Crude Oil Prices Fall As Hurricane Fears Ease

Crude oil prices fall as hurricane fears ease

NEW YORK, July 8 (Xinhua) — Crude oil futures declined Friday as Hurricane Dennis might miss the oil facilities in the Gulf of Mexico.

On the New York Mercantile Exchange, light, sweet crude oil futures for August delivery dropped 1.10 dollars to end at 59.63 dollars a barrel. On London’s International Petroleum Exchange, the August Brent oil futures contract fell 1.08 dollars to close at 58.20 dollars per barrel. US National Hurricane Center reported Hurricane Dennis was moving off Gulf of Mexico toward the border of Florida and Alabama. This eased traders’ earlier concern that the storm would disrupt oil production and shipments in the states along the Gulf of Mexico.

Oil futures touched 62.10 dollars a barrel in New York and 60. 70 dollars a barrel in London yesterday amid the concern about slower economic growth. However, oil futures remained 48 percent more expensive than a year ago.