Storms, OPEC guide oil prices

09/15/2008
By NINA RACH
Front-month crude prices fluctuated at $111-122/bbl through most of August on the New York Mercantile Exchange but fell sharply Aug. 28-Sept. 5 primarily as Hurricane Gustav proved less of a threat to offshore production and Gulf Coast refining than some anticipated.October benchmark US light, sweet crudes dropped $2.56 to $115.59/bbl Aug. 28, pulled down initially by falling prices in the natural gas market. The contract closed at $106.23/bbl Sept. 5, having lost $9.20/bbl over the first five trading sessions in September as the euro dropped to its lowest level against the dollar this year and as gulf oil and gas operations shut in by Gustav began coming back on stream. As Gustav was dow...

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