Published Date:
19 August 2008
OIL fell to below $113 a barrel yesterday as a tropical storm looked set to avoid major oil and gas infrastructure in the US Gulf of Mexico. US crude dipped to $112.17. It settled down $1.24 at $113.77l on Friday, after touching $111.34, the lowest since 1 May. London Brent crude dropped to about $111.
John Kemp, economist at RBS Sempra, said: "The storm is largely irrelevant, there is no shortage of refinery capacity in the United States even if it were to damage one of the refineries."
Shell said it had evacuated 425 non-essential workers from the Gulf.
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Last Updated:
18 August 2008 8:18 PM
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Source:
The Scotsman
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Location:
Edinburgh
