Oil hits six-week low, storm concern fades

REUTERS, LONDON- Oil fell more than $4 a barrel to a six-week low on Tuesday as a tropical storm moving over the Gulf of Mexico was expected to miss major oil and gas installations. Tropical Storm Dolly, the first big storm threat of 2008, was still expected to become a hurricane, but was unlikely to have an impact on crude production in North America. "Barring a veer north, the risks of an oil price disturbing event are low," Citi analysts said in a research note. Oil prices have fallen more than 14 percent over the past 10 days from a July 11 high of more than $147. U.S. crude futures for August fell $4.78 to $126.26 a barrel before rebounding slightly to $126.99 by 2:10 pm GMT (10:10 am EDT). London Brent was off $3.62 at $128.99. The storm strengthened slightly on Tuesday as it moved over the warm waters of the western... [read full story]