Futures Market News
Crude oil futures drop after storm danger wanes
Jun 28, 2010 03:56 PM
Concerns about crude oil supply faded somewhat on Monday, lowering the price of crude oil futures. Traders had feared that Tropical Storm Alex would strike the Gulf of Mexico and simultaneously batter existing drilling installations and disastrously complicate BPs oil containment efforts on the gushing Deepwater Horizon pipe.
Reports from the National Hurricane Center suggest that Tropical Storm Alex will become a hurricane, but will likely move away from the drilling regions and strike the coast of Mexico directly.
Light sweet, crude for August delivery fell 56 cents to 78.30 in CME Globex trading.
The future of President Barack Obamas drilling moratorium in the Gulf remained unclear after a judge struck it down in court, saying it was illegal. Interior Secretary Ken Salazar vowed to reinstate the ban on deepwater drilling, and some questions arose about the judges possible ties to the oil industry.
The controversy over Judge Martin Feldmans investments began when it came to light that Feldman held the stocks of several Gulf-based energy companies and had sold some of his stock shortly before making the ruling.
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