Oil prices dropped slightly today as a stock markets across Europe slid and it became clear that the Mexican oil industry avoided major damage from Hurricane Dean.
Light, sweet crude for October delivery dropped 17 cents to $69.66 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. October Brent crude lost 21 cents to $69.65 a barrel on the ICE futures exchange in London.
Energy markets have fallen recently despite the threat of hurricanes, with many investors betting that credit might be tightening so much as to stifle growth. Traders worry a slowdown in the US economy will likely hurt energy demand.
After the passage of Hurricane Dean, state-owned oil monopoly Petroleos Mexicanos said two of the three main oil-exporting ports in the southern Gulf of Mexico were reopened yesterday.