Crude falls for fourth day on reports of storm missing US Gulf
Crude oil fell for a fourth day in New York on forecasts that Tropical Storm Fay will miss rigs and platforms in the Gulf of Mexico, which accounts for about a fifth of US production.
Crude oil for September delivery fell 1.11 dollar, or 1 per cent, to 111.76 dollar a barrel on the New York Mercantile Exchange.
On Monday, the contract dropped 90 cents, or 0.8 per cent to settle at 112.87 dollar a barrel.
Futures touched 111.34 dollar a barrel on 15th August, a 15-week low.
Exxon Mobil, the world’s largest publicly traded oil company, said its operations weren’t affected and none of its workers were evacuated.
Prices have declined 23 per cent from the record 147.27 dollar a barrel reached on 11th July as the dollar rose for a fifth week against the Euro and the Organization of Petroleum Exporting Countries warned of risks to demand from slower global growth.