MSN:Crude oil prices decline as hurricane threatens US
Singapore: Oil prices fell in Asia today as US refineries cut crude oil production in anticipation of a plunge in energy demand ahead of the Hurricane Sandy megastorm, analysts said.
New York’s main contract, light sweet crude for delivery in December shed 32 cents to $85.96 a barrel and Brent North Sea crude for December delivery fell 51 cents to $109.04.
A projected fall in energy demand in the world’s largest oil consumer as Hurricane Sandy menaced the US East Coast led refineries to slash production and traders to evacuate the market.
“Oil has fallen and the market is reacting to Hurricane Sandy which is affecting the US east coast,” said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore.
