WTI Crude Falls First Time in Seven Days as Storm Concern
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West Texas Intermediate crude dropped for the first time in seven days as the threat of a storm in the Gulf of Mexico dissipated, removing a risk to oil and gas production in the area.
Futures fell 0.3 percent after the National Hurricane Center in Miami said there was no tropical cyclone activity in the Atlantic basin. Some offshore energy rigs and platforms evacuated personnel last week as a storm precaution. Oil also slid because demand from U.S. refineries is declining as the peak gasoline-use period comes to an end. WTI capped the longest rising streak since April on Aug. 16 on unrest in Egypt.