US crude drops $4/bbl as IEA eyes Gustav path

28 August 2008 17:36  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures reversed earlier gains on Thursday to fall by more than $4/bbl and near $114/bbl as the International Energy Agency (IEA) said that it was prepared to act in case of heavy disruptions caused by Tropical Storm Gustav.

By 15:40 GMT, October NYMEX crude had hit a low of $114.08/bbl, a loss of $4.07/bbl from the previous close of $118.15/bbl, before recovering to around $114.80/bbl.

At the same time, October Brent crude on ICE Futures was trading around $113.45/bbl, having hit a low of $112.81/bbl, a loss of $3.41/bbl from the previous close.

Earlier in the day, the oil markets were showing more that $1/bbl gains on the back of forecasts that tropical storm Gustav was likely to turn into a hurricane and threaten to disrupt oil facilities in the Gulf of Mexico.

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By: Giovanni Coiro
+44 20 8652 3214

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