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Oil Drops on Stock Market Worries

Benchmark oil prices slipped Tuesday as traders shifted focus from the threat of Hurricane Dean on U.S. energy facilities in the Gulf of Mexico to global stock markets, according to the Associated Press.

Hurricane Dean strengthened to a Category 5 storm Monday night as its rains and winds slammed the coasts of Mexico and Belize. A few companies evacuated some rigs and suspended production, but it didn't appear that the storm would cause much damage to operations in the United States.

As supply worries faded, concerns about the battered stock market's drag on global demand came to the forefront.

Posted by Peter C. T. Elsworth  at 11:39 AM to Oil | Permalink

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