Crude oil is in trouble if its upside depends on the weather report
Today's Financial News - Posted August 18, 2008
You know a bull market is on its last legs when its last upward twitches are based on the weather reports.
by Mark Shenk, Bloomberg.com
Baltimore — (TFN): Crude oil fell more than $1 a barrel amid signs Tropical Storm Fay will miss rigs and platforms in the Gulf of Mexico, which accounts for about a fifth of U.S. production.
Royal Dutch Shell Plc and Transocean Inc. have evacuated workers as Fay, with maximum sustained winds of about 60 miles (97 kilometers) an hour, may strengthen into a hurricane before striking Florida today, the National Hurricane Center said. Most Gulf output occurs off the Texas and Louisiana coasts.
Crude oil for September delivery fell $1.19, or 1.1 percent, to $112.58 a barrel at 11:07 a.m. on the New York Mercantile Exchange. Futures touched $111.34 a barrel, a 15-week low, on Aug. 15.
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