Oil ignores nature’s call
Is oil headed down to $80 a barrel? says Moira Herbst in BusinessWeek.com. Many analysts think so. Unlike similar storms in past years, Hurricane Gustav was not greeted with a rally in oil markets, and in fact oil prices dropped after it became clear that Gustav would give the U.S. only “a glancing blow.” What’s going on? A rally in the U.S. dollar is weighing on oil. But it also seems that the “choppy U.S. economy” scares traders more than choppy Gulf waters. As more storms gather force and OPEC meets next week, though, “the only certainty in the oil market remains volatility.”
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