Oil Edges Lower on Weaker Global Economic Outlook. Bernanke's Speech Awaited

Oil prices moved narrowly with a mildly downward bias. Investors readily ignored the impacts of Hurricane Irene on oil output. According to the US national Hurricane Center, the Category 3 hurricane is expected to strike North Carolina later today. It's said that the storm is on a 'worst-case track' for the East Coast. The DOE/EIA's data showed that the East Coast has 10 operating oil refineries with a capacity of 1.21M bpd, accounting for 7.1% of US's operating capacity. While evacuation of staff will disrupt production, investors worried more about demand than supply, especially both Citigroup and UBS downgraded their global economic forecasts.

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Oil Edges Lower on Weaker Global Economic Outlook. Bernanke's Speech Awaited