Oil Prices Dip As Storm Relief Efforts Rise - Yahoo! News

About time for good news!!!

By MADLEN READ, AP Business Writer

NEW YORK - Crude oil prices dropped Monday, led by falling gasoline futures as Hurricane Katrina relief efforts gained momentum and traders expected the high cost of gas at the pump to hamper demand.

Light sweet crude for October delivery fell $1.48 to $62.60 a barrel in midday trading on the New York Mercantile Exchange. Gasoline futures tumbled more than 8 cents to $1.8775 a gallon, while heating oil fell more than 7 cents to $1.8200 a gallon.

Brent crude for October delivery fell $1.49 to $61.35 a barrel on the International Petroleum Exchange. According to AAA's daily fuel guage report, the average cost of a gallon of gasoline on Monday was just below $3. Full story.