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Oil prices lower with storm threatening
Crude oil prices slipped under $96 per barrel as Tropical Storm Isaac began to appear less threatening than previously thought.
The storm, barreling across Florida and presumably New Orleans-bound, was considered a threat to the region that is responsible for 23 percent of the nation’s oil production and includes 44 percent of the country’s refining capacity. As the threat abated, however, the early price peak abated as well, as disruptions in supply appeared less likely.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for October delivery shed 51 cents in late trading to $95.64 per barrel. Natural gas shed 4.9 cents to $2.653 per million British thermal units.
Home heating oil added 0.93 cents to $3.128 per gallon.
Reformulated blendstock gasoline added 4.55 cents to $2.956 a gallon.
At the pump, the average price for a gallon of regular unleaded gasoline was $3.5 per gallon Monday, up from Sunday’s $3.748, AAA reported.
Copyright 2012 by United Press International