As we all are updated about the latest news on the chances of Hurricane Sandy attack on US coasts, a addition in the news has come that the second largest refinery located in the U.S. East Coast has shut down on last Sunday along with three other refineries cutting down the output . All these are done due to the forecast news on storm which is going to affect the U.S. mainland in maximum.
Due to this forecasting a rapid fall in the prices of Brent Crude is noticed today, on 29th October, 2012 in the areas of U.S. East Coast. The price of one barrel of Brent Crude falls below the price line of $109. A downfall in US crude was also noticed by 78% at $85.50.
The position of Oil is also under pressure due to the fall in the stock market as the investors are minutely focusing on the weak corporate earnings. The Hurricane is expected to hit the East Coast on early morning of Tuesday and we need to keep an eye to watch out what happens next.