Oil prices fall as Gustav seen weakening

UNDATED (AP) -- The damage to Gulf Coast oil operations still hasn't been assessed, but oil prices fell Monday as Hurricane Gustav weakened.

A stronger dollar gets some of the credit.

Oil tumbled to $111 a barrel as Gustav moved inland after making landfall west of New Orleans. The eye passed about 20 miles from a Louisiana port where huge amounts of oil and gas are piped inland to refineries.

Earlier in the day, crude gained nearly $3 to trade above $118 a barrel. But in late afternoon electronic trading on the New York Mercantile Exchange, light, sweet crude for October delivery was down $4.21 at $111.25.

U.S. trading has been closed today for Labor Day.

In London, October Brent crude was down $4.32 at $109.73 a barrel on the ICE Futures exchange.

Meanwhile, AAA says the average U.S. retail gasoline price was down slightly to just below $3.69 a gallon, after rising slightly more than a penny Saturday.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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