Commodity Daily News

Crude Fall As Storm Risk Subsides.

Crude Oil futures fell yesterday as fears diminished over the threat from Hurricane Dolly to energy equipment in the U.S. Gulf of Mexico.

Forecasters said an Atlantic hurricane would steer clear of offshore oil platforms and the greenback gained against other currencies. None of the computer models used to predict storm tracks indicated it would steer toward the Gulf of Mexico, home to about a quarter of U.S. oil production. The gain in the U.S. dollar triggered some technical selling in the commodities markets. As a result, Crude oil in New York dropped $3.09 a barrel to $127.95 a barrel yesterday, the lowest price since June 5. Oil was recently at $127.97 in after-hours trading.

Crude Oil weakness and some strengthening in the U.S. dollar forced Gold prices down. August Gold fell $15.10 to settle at $948 a troy ounce.