Crude Ends Little Changed On Ideas US Prepared For Gustav
Crude oil was little changed as Hurricane Gustav approached the Gulf of Mexico, amid speculation that energy producers are better prepared to face a hurricane than when Katrina struck in 2005.
Prices climbed as much as $3.17 a barrel earlier Friday as Royal Dutch Shell Plc and BP Plc said they will pull workers from Gulf platforms and shut production in a region that pumps 26 percent of U.S. oil and 14 percent of the nation's gas. Gustav was declared a hurricane after the oil market settled.
Crude oil for October delivery fell 13 cents to settle at $115.46 a barrel at 2:42 p.m. on the New York Mercantile Exchange. Still, futures are up 57 percent from a year ago.
Prices climbed as much as $3.17 a barrel earlier Friday as Royal Dutch Shell Plc and BP Plc said they will pull workers from Gulf platforms and shut production in a region that pumps 26 percent of U.S. oil and 14 percent of the nation's gas. Gustav was declared a hurricane after the oil market settled.
Crude oil for October delivery fell 13 cents to settle at $115.46 a barrel at 2:42 p.m. on the New York Mercantile Exchange. Still, futures are up 57 percent from a year ago.