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06-Sep2018

Crude oil futures end lower as Gulf Coast storm Gordon misses major energy sites

Crude oil futures ended at their lowest levels in about a week on Wednesday as a major storm that passed through the Gulf of Mexico missed the bulk of the oil and natural-gas operations in the region. Gordon largely turned out to be a non-event for the energy market, and if anything, the sell-the-news aspect of the tropics trade has triggered a profit-taking pullback across the space. However, prices have been bolstered in recent weeks and are likely to remain supported amid signs that Iranian crude exports are declining at a faster rate than expected, in the run up to November when US sanctions on the country's oil industry take effect.

Benchmark crude oil futures for October dropped $1.15 or 1.7 percent to settle at $68.72 a barrel on the New York Mercantile Exchange. November Brent crude declined 90 cents or 1.2% to settle at $77.27 a barrel on London's Intercontinental Exchanged.



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