Oil prices plunged below US$111 a barrel as Hurricane Gustav weakened as it neared Louisiana, after rising by almost three dollars to US$118 a barrel earlier in the session. The stronger dollar, the continuing decline in consumer demand and the market's recent down trend also helped the decline in oil prices as light, sweet crude for October delivery dipped by over four dollars to settle at US$111.25 on Monday.
Oil companies were shutting down productions and evacuating facilities ahead of the storm. Exxon Mobil Corp., Royal Dutch Shell PLC and Valero Energy Corp., North America's largest refiner, were among the companies that said they had shut down Gulf Coast refineries, primarily in south Louisiana. About 2.4 mln barrels of refining capacity had been halted, roughly 15% of the nation's total.
02-Sep-08 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}