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Tuesday, September 2, 2008

Oil Trades Down Near 4 1/2 Month Low

Per Bloomberg:

Crude oil traded near a four-month low after Hurricane Gustav weakened before striking the Louisiana coast, easing concern of major damage to rigs and refineries.

``Gustav hasn't even passed and the worst of the fears have been calmed,'' said David Moore, commodity strategist at Commonwealth Bank of Australia Ltd. in Sydney. ``The fact that prices are so quickly reverting back to these levels shows that maybe the underlying bearishness in the market is still there.''