Oil prices settled on Wednesday at their lowest levels in about a week 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,” said Tyler Richey, co-editor of the Sevens Report.
October West Texas Intermediate crude on the New York Mercantile Exchange CLV8, -1.40% the U.S. oil benchmark, fell $1.15, or nearly 1.7%, to settle at $68.72 a barrel—the lowest for the contract in just over a week. November Brent LCOX8, -1.09% the global benchmark, settled at $77.27 a barrel, down 90 cents, or almost 1.2%, on the ICE Futures Europe exchange. It marked the lowest finish since last Wednesday.