Crude prices drop below $70 per barrel during session

Crude oil prices dropped below $70 per barrel for the first time in more than two months on Tuesday as weather concerns eased.  Hurricane Ernesto was downgraded to tropical storm status and it turned away from major oil producing areas,  Meanwhile, in the Pacific Ocean, Hurricane John was not expected to affect the production, refining, or shipping of oil.

Brent crude for October delivery was down $1.02 in London to $69.;81 per barrel, while October contracts for West Texas Intermediate crude on the New York Mercantile Exchange was 76 cents lower to $69.75 per barrel after dropping as low as $69.30 per barrel earlier in the session.