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Oil falls slightly as Hurricane Isaac goes inland

Oil fell 32 cents to $95.17 per barrel in morning trading in New York.

The Associated Press

8/30/2012

The price of oil is edging lower as traders wait to see what impact Hurricane Isaac will have on production in the Gulf of Mexico.

Oil fell 32 cents to $95.17 per barrel in morning trading in New York.

Many oil production platforms were evacuated ahead of the storm, but there are no reports of major damage.

In London, Brent crude rose 46 cents to $113.

The national average price of gasoline is up more than 2 cents to $3.826 per gallon. Isaac forced several refineries along the Gulf Coast to close, and others are operating at reduced rates. Wholesale gasoline prices, however, are down 2 cents to $2.92.

Natural gas futures are unchanged at $2.68 per 1,000 cubic feet. Heating oil is up 2 cents to $3.15 per gallon.

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