Oil slightly lower
Oil pared earlier gains to fall slightly in afternoon Asian trade Monday as investors eyed a major storm entering the Gulf of Mexico, analysts said.
New York's main contract, light sweet crude for August delivery, dipped 22 cents to 78.64 dollars a barrel while London's Brent North Sea crude for August was down 11 cents to 78.01 dollars.
The latest report from the Miami-based National Hurricane Center showed tropical storm Alex was expected to gain strength as it moved into the southwestern Gulf after dumping heavy rains across the Yucatan peninsula, having killed at least 10 people in Nicaragua, Guatemala and El Salvador.
Comments