Oil prices slipped more than $1 a barrel Monday after Hurricane Dennis missed key Gulf of Mexico refineries and spared the market from a sudden disruption in supply at a time of high demand.
Light sweet crude for August delivery declined by 71 cents to settle at $58.92 a barrel on the New York Mercantile Exchange. Heating oil fell 3.63 cents to $1.6818 a gallon, while gasoline dropped more than 3 cents to $1.7321. On London’s International Petroleum Exchange, Brent futures for August delivery were down 78 cents to $57.42 per barrel.
