Good News on a VERY Rainy Monday
After rising slightly on the London Exchange, oil futures retreated on news from the US Gulf that Hurricane Gustav was downgraded to a Category 2 storm. Initial concerns that Gustav would wreak havoc and destruction to oil and gas producing platforms has subsided.
TAE will continue to monitor the situation with Gustav making landfall and Hanna entering the Caribbean.
Oil Falls as Hurrican Gustav Weakens, Easing Damage Fears – Bloomberg.com
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