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Oil slips as Dean seen sparing refiners

Oil fell more than $1 today after forecasts projected Hurricane Dean would skirt to the south of the U.S. Gulf of Mexico that is home to half of U.S. refining capacity and pumps a third of its oil, according to Reuters News Agency.

U.S. crude was down $1.06 at $70.92 a barrel by 9:44 a.m. EDT, erasing Friday's rally when the U.S. Federal Reserve cut its discount rate to restore order to financial markets and as Dean menaced

Posted by Peter C. T. Elsworth  at 10:21 AM to Oil | Permalink

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