Oil Set for First Weekly Drop Since July as Gulf Output R

Oil headed for the first weekly decline since July in New York as producers worked to restore Gulf of Mexico output and refiners prepared to resume operations after Hurricane Isaac passed.

Futures were little changed after dropping to the lowest close in two weeks yesterday. Companies including BP Plc and Chevron Corp. said they are assessing offshore facilities before returning workers. Isaac was downgraded to a tropical depression after pounding the New Orleans area on the seventh anniversary of Hurricane Katrina. Federal Reserve Chairman Ben S. Bernanke is scheduled to speak today at a symposium where in 2010 he foreshadowed economic stimulus measures by the bank.