Oil prices fall as Hurricane threat eased

World oil prices fell on Friday as the concern over Tropical Storm Chris eased.

New York's main contract, light sweet crude for delivery in September, fell 70 cents to close at 74.76 dollars per barrel.

In London, Brent North Sea crude for September delivery settled down 39 cents at 76.17 dollars per barrel.

The concerns about the risks that hurricanes pose to U.S. production eased Friday. Tropical Storm Chris had weakened north of Puerto Rico, and was on the verge of being downgraded to a tropical depression, said the National Hurricane Center.

Chris is the third Atlantic cyclone in this Hurricane season, which runs from June 1 to Nov. 30. Forecasters are expecting a very active season, far beyond normal intensity.

Traders are still concerned over the violence between Israel and Hezbollah, which could spread to crude-producing nations in the Middle East.

Source: Xinhua