Oil Drops as Storm Concerns Fade
The price of oil dropped after the National Hurricane Center in Miami said there was no tropical cyclone activity in the Atlantic basin, Bloomberg News reported.
Some offshore energy rigs and platforms had evacuated last week as a storm precaution, according to Bloomberg.
Crude futures fell 34 cents to $107.12 a barrel in New York Mercantile Exchange trading, after closing at $107.46 on Aug. 16, the highest close since Aug. 1.
Oil has traded at more than $100 since early July, according to Bloomberg Nymex figures.
Diesel dipped 1.3 cents last week while gasoline dropped 7.1 cents.
The Department of Energy will release its weekly survey of pump prices Monday afternoon in Washington.
