Crude Oil Prices Weaker As Hurricane Felix Moves Away From Key Oil Refineries

Crude oil prices were flat and fairly weak in trading in Asia today as new weather reports showed that hurricane Felix is going to miss key oil refineries.

The main oil contract in New York, light sweet crude for October delivery, was down roughly 3 cents to $74.01/ barrel. These are some of the lowest oil prices that we have seen since August 6th.

‘The indications are it’s going to miss the US platforms so prices are trending downwards,’ Steve Rowles, an analyst with CFC Seymour in Hong Kong, said of New York crude prices.

When hurricane dean looked like it was going to hit oil platforms in the gulf, oil prices increased considerably and oil companies such as Shell were forced to evacuate certain areas. However when the hurricane moved away, oil prices fell.

But it looks like hurricane felix will miss key oil production areas as the hurricane felix projected path shows below.

Where do you think hurricane felix will hit?

Source

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