What's moving the oil markets?
 

The fall in prices came as Hurricane Katrina, despite making landfall in Florida, has not affected US Gulf oil production as much as had been feared. Shell and BP Thursday both said they would evacuate some non-essential personnel from their eastern Gulf of Mexico operations over the next two days ahead of the possible arrival of Katrina, but output has so far remained unaffected. "It seems a bit of profit-taking was done this morning as the threat of the storm subsided," said one Brent player said. Read more...

http://www.platts.com/Oil/Resources/Whats%20Moving%20the%20Market/