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Crude oil prices drop as Wilma

 

Crude oil prices ended lower Monday as Hurricane Wilma avoided the platforms and refineries in the Gulf of Mexico.

 

New York's main contract, light sweet crude for delivery in December, dropped 31 cents to 60.32 dollars per barrel in closing trades.

In London, the price of Brent North Sea crude for December delivery shed 24 cents to close at 58.28 dollars per barrel.

In New York, petroleum products futures posted bigger losses, with heating oil futures for November closing down 6.92 cents at 1.79 dollars a gallon. November gasoline closed down 5.83 cents lower at 1.57 dollars a gallon.

Hurricane Wilma missed vulnerable energy resources in the Gulf of Mexico, while it made landfall in southwestern Florida early Monday, with winds up to 125 mph, knocking out power to 3.2 million customers.

With refinery output on the rise, gasoline stocks have started growing, while distillate stocks, which include heating oil and diesel fuel, remain above year-ago levels. Enditem.

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