Crude oil for October delivery fell as much as $US4.83, or 4.2%, to $US110.63 a barrel in electronic trading on the New York Mercantile Exchange. It earlier rose as much as 2.2% to $US118.
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Crude Oil on 4 Months Low
Crude oil fell to its lowest in more than four months after Hurricane Gustav weakened
Crude oil fell to its four months lowest after Hurricane Gustav weakened, easing concern of widespread damage to drilling rigs and refineries.
Gustav was downgraded to a Category 2 hurricane, the second- weakest of the five strength levels, the National Hurricane Centre in Miami said. Companies have closed 96% of offshore oil production and about 10% of US. refining capacity in preparation for the system.
Crude oil for October delivery fell as much as $US4.83, or 4.2%, to $US110.63 a barrel in electronic trading on the New York Mercantile Exchange. It earlier rose as much as 2.2% to $US118.
Crude oil for October delivery fell as much as $US4.83, or 4.2%, to $US110.63 a barrel in electronic trading on the New York Mercantile Exchange. It earlier rose as much as 2.2% to $US118.
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