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Oil Dips for Fourth Straight Session
Oil fell 36 cents Wednesday to close at $109.35 a barrel on the New York Mercantile Exchange, as several crude intake ports reopened on the Gulf Coast following Hurricane Gustav, Bloomberg reported.
The decline was the fourth straight and was down more than $9 from a $118.15 closing price last Wednesday, Bloomberg said. Oil set a closing price record $145.29 on July 3.
Oil intake ports reopened in Pascagoula and Gulfport in Mississippi, and in Mobile, Ala., Bloomberg said.
Oil firms ExxonMobil Corp., Royal Dutch Shell and ConocoPhillips all reported that Hurricane Gustav did minimal damage to their Gulf of Mexico production, Bloomberg said.