Oil Prices Falls Back As Hurricane Worries Ease

Yesterday, the oil and gas rates fell in the United States as worries relieved after storm Dean headed towards Mexico’s Yucatan Peninsula; and further than the U.S. energy facilities along the Gulf Coast.

As supply worries dropped off, fears about the stock market’s consequence on international demand came to the front position yet again.

For the next month delivery, light, sweet crude drop 86 cents to USD 71.12 each barrel on the NYMEX. The deal ended up from its intraday low of USD 70.05 per barrel.

Natural gas futures for September dangled 97 cents, over 13%, to USD 6.04 per 1,000 cubic feet.

On the other hand, gasoline costs sank 10.23 cents, or 5% at USD 1.9365 per gallon.

The average retail price for a gallon of regular, unleaded gasoline was USD 2.768 on Monday, which was low from USD 2.988 a month ago.

Heating oil futures missed 3.64 cents at USD 1.9631 per gallon.