Oil prices fell yesterday (Monday September 1) and today after the downgrading of Hurricane Gustav to a category 2 storm over the weekend. The hurricane in the Gulf of Mexico had the potential to threaten 25% of US oil production and 15% of gas production.
Brent Crude Oil was down 2.28% today (Tuesday September 2) to $106.92 and WTI has fallen further, by 6.71% to $107.64. This fall follows rises of 0.86% and 0.19% respectively on Friday, when the hurricane...