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August 29, 2012

Oil falls over limited damage from Hurricane Isaac

Oil markets fell today as Hurricane Isaac, which hit the US Gulf Coast on Wednesday, caused limited damage to major refineries or offshore oil and gas platforms.

By admin-demo

Oil markets fell today as Hurricane Isaac, which hit the US Gulf Coast on Wednesday, caused limited damage to major refineries or offshore oil and gas platforms.

Losses, however, were curbed due to supply concerns, as maintenance work continues in the North Sea and reports circulated of a possible strike in Norway.

Brent crude for October fell five cents to $112.49 a barrel and US crude fell 52 cents to $94.97 by 0431 GMT.

Investors are hoping for stimulus measures to be announced by US Federal Reserve Chairman Ben Bernanke on 31 August, reports Reuters.

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