Oil Slides to 3-Month Low as Refiners Cut Output on Sandy
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Oil fell to a three-month low and gasoline advanced after U.S. East Coast refineries reduced operations amid forecasts Hurricane Sandy will strike extreme southern New Jersey or central Delaware.
Crude futures dropped 0.9 percent as Phillips 66, NuStar Energy LP, Hess Corp., PBF Energy Inc. and Philadelphia Energy Solutions shut or lowered output at regional refineries and terminals as a precaution. Gasoline rose for a third day. Sandy will probably make landfall by 9 p.m. New York time, a National Hurricane Center advisory showed.