The storm Gustav landing the United States, triggered the largest evacuation in the history of Louisiana. About 2 million people withdrawed from coastal areas. After Gustav landing, it weakened into one level hurricane, making the the international oil price plunge overnight.
This result surprised the analysts who expected oil prices rose above 10 U.S. dollars. Although more than 96 percent of oil and more than 82 percent of natural gas production facilities in Mexico Gulf have been closed, most staff from rigs and platforms evacuated, but the local U.S. "Oil & Gas Journal" thought that "the hurricanes did not made so serious impact on the oil market."
Insiders said that international oil prices fell Monday, the storm's weakening is one reason. More importantly, the strong dollar trend, coupled with the market had already expected, oil prices rising factors have been digested.
Originally Posted: China Business Daily
Author: Angulo Fu