Oil Drops to Two-Week Low as Gulf Output to Resume After Isaac
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Oil dropped to a two-week low as producers worked to restore Gulf of Mexico output after Hurricane Isaac passed.
Prices fell 0.9 percent as Isaac’s threat to offshore production eased as the system weakened to a tropical storm over Louisiana. Oil also declined after 374,000 Americans filed applications for unemployment benefits last week, more than forecast. Crude extended losses as drops in equities accelerated and the dollar rebounded against the euro.