WTI oil price lower, Hurricane Alex to miss Gulf oil platforms

WTI oil prices are trading lower, just under the $78 mark on Monday as the latest US weather data suggests that Hurricane Alex should miss inmportant Gulf oil platforms later this week as it crosses close to Mexico. US WTI Light crude oil futures were trading down at $77.93 at 18.40 GMT Monday on the NYMEX. Crude oil prices had reached a seven week high of $79.38 on the NYMEX as earlier reports that Alex may have become a threat to oil production in the Gulf of Mexico. “Alex’s direction seems headed towards Mexico and not the north, where all the rigs and refineries are located,” Hakan Kocayusufpasaoglu, chief investment officer at Archbridge Capital in Zug, Switzerland, told Bloomberg. “Though Mexico also has some production in the region, the real danger is off the coasts of the US, where production and refining are more concentrated.” The Gulf of Mexico is home to about 30 percent of US oil production and 12 percent of its natural gas production. Forecasters said Alex was moving slowly away from Mexico’s Yucatan Peninsula. The storm, however, is not expected to hurt current oil capture systems at the BP oil spill a BP executive told reporters in Houston. WTI oil price trading higher as Gulf cyclone Alex heads in WTI oil price ends week trading near $79, two month high WTI oil price trading higher, over $73 on US supplies data July WTI Light oil price trading near $73 on US data WTI oil prices trading higher, eyes on Gulf hurricane Alex Oil prices under $76 as US oil stocks higher, Gulf ban lifted WTI oil price dips as US jobs data shows increase WTI oil price trading higher on US dollar & supply data WTI oil price rebounds near $75 on weaker US dollar Brent oil price trading above $72, looks to US crude data WTI oil price nears $75 after US crude supply data WTI oil price trading down 3 percent on firm US dollar Index WTI oil price trading up near $72 on latest US data Light oil prices trading up over $86 on messy Gulf oil spill Light oil price trading near $85, China oil import data jumps Storm Alex may become hurricane & eye Gulf oil production Gulf deepwater oil drilling ban is lifted by US judge Brent v WTI, the battle of the crude oil price benchmarks Brent oil price trading higher on stronger Euro, US data Brent oil price trading near $74 as BP shares take a hit

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WTI oil price lower, Hurricane Alex to miss Gulf oil platforms