Crude Oil Prices Fall As Hurricane Dean Expected To Miss Gulf Oil Platforms

At the moment, hurricane dean is passing just south of the Caribbean island of Jamaica .

However, the hurricane dean project path shows that the hurricane may miss the key oil platforms in the Gulf sea.

There are 4000 oil platforms in the Gulf that could be affected by hurricane dean, that 27 per cent of US oil output. The giant oil company, Royal Dutch Shell, has evacuated hundreds of workers from the Gulf due to the threat of hurricane dean. However it is not considered more likely that hurricane dean will pass further to the south and so it should miss the oil platforms.

Crude oil for September delivery fell 97 cents to $71.04, a drop on 1.3 per cents in after hours electronic trading in New York. In Singapore oil prices were $71.29 at 12:16 p.m.

Due you think oil prices will continue to move up and down with news about hurricane dean?

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