Oil fell on speculation that Tropical Storm Isaac will have limited impact on production in the Gulf of Mexico.
Prices dropped as forecasts predicted Isaac will go ashore on August 29th in southeastern Louisiana as a Category 1 storm, the weakest on the five-step Saffir-Simpson scale. Isaac has shut 24 per cent of US production from the Gulf, the Bureau of Safety and Environmental Enforcement said yesterday.
“It doesn’t look like Isaac is going to strengthen and...
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