The cost of oil has fallen due to weather conditions

Crude oil futures fell amid speculation that Tropical Storm Isaac will have a limited impact on the oil as it approaches the northern coast of the Gulf of Mexico.

Bureau of Safety and Environmental Control said that prices fell by 1.5% due to the forecast of the storm Isaac reaches the southeastern coast of Louisiana on August 29 with winds of the first category and the strength of 85 miles / hour to 90 miles / h We also learned that Isaac had led to the closure of about 24% of U.S. production.

Recall that before the storm Isaac seven years ago, there raged a hurricane Katrina, which caused landslides levees in New Orleans and the deaths of more than 1,800 people.

It is assumed that Isaac will have no power of Hurricane Katrina and will cause minimal damage to drilling rigs and platforms as well as onshore refineries and pipelines.

Also today it was announced that the delay in the construction of the pipeline in Iraq threaten to stop production at Royal Dutch Shell for three months, causing a loss of about 175,000 barrels a day.

In Norway, oil platform workers broke off negotiations with the oil companies on the level of wages, which could lead to a new strike, which will be the second in the last two months.

October futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now $ 95.13 per barrel.

October futures price of North Sea Brent crude oil mix is ​​now $ 112.47 a barrel on the ICE Futures Europe Exchange.