Crude prices fall on revised hurricane forecast

Crude oil prices declined on Friday as investors decided to take profits and as Colorado State University weather forecasters cut the number of hurricanes they expect in the Atlantic this year from nine down to eight overall, and reduced from five to four the number of major hurricanes they believe will form.

Still, traders and analysts kept their eyes on weather reports as the height of the hurricane season approached.

Brent crude for September delivery dropped 75 cents to $75.01 per barrel, for a decline of 1.7 percent over the week on the Intercontinental Exchange in London, while September contracts for West Texas Intermediate crude were $1.41 lower at the close of floor trading on the New York Mercantile Exchange to $75.45 per barrel.

The price for WTI was substantially below the new record of $78.77 per barrel it reached during Wednesday’s session.

Nymex September gasoline was 1 cent lower to $2.03 per gallon, while September heating oil fell 4 cents to trade at $2.03 per gallon as well.

September natural gas was down 1 cent to $6.10 per million British thermal units.