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| Crude falls as Gustav fears ease | Crude falls as Gustav fears ease |
| (about 5 hours later) | |
| Oil prices have fallen after weather forecasters said Hurricane Gustav had weakened as it hit the US Gulf of Mexico coast south-west of New Orleans. | Oil prices have fallen after weather forecasters said Hurricane Gustav had weakened as it hit the US Gulf of Mexico coast south-west of New Orleans. |
| Gustav weakened slightly from Category Three to Two level as it made landfall near Cocodrie, Louisiana around 1500 GMT on Monday. | Gustav weakened slightly from Category Three to Two level as it made landfall near Cocodrie, Louisiana around 1500 GMT on Monday. |
| US light crude oil was down $4.24 to $111.20 a barrel by late trade in Europe, after hitting more than $118. | |
| London's Brent crude settled down $4.64 to $109.41 a barrel. | |
| 'Katrina legacy' | 'Katrina legacy' |
| The US-based National Hurricane Centre said the "maximum sustained winds have decreased to near 110mph." | The US-based National Hurricane Centre said the "maximum sustained winds have decreased to near 110mph." |
| 2005's devastating Hurricane Katrina - rated at Category Three - badly damaged 100 of the 4,000 US offshore oil and gas facilities in the Gulf of Mexico. | 2005's devastating Hurricane Katrina - rated at Category Three - badly damaged 100 of the 4,000 US offshore oil and gas facilities in the Gulf of Mexico. |
| The industry is much more prepared and taking things much more seriously. That's why so much has been shut down so quickly." Phil Flynn of Alaron Trading | The industry is much more prepared and taking things much more seriously. That's why so much has been shut down so quickly." Phil Flynn of Alaron Trading |
| Almost all oil and gas production in the region - which produces 25% of the US's crude oil and 15% of its natural gas - is now shut down ahead of Gustav. | Almost all oil and gas production in the region - which produces 25% of the US's crude oil and 15% of its natural gas - is now shut down ahead of Gustav. |
| Hurricanes are graded from One to Five, with Five being the strongest. | Hurricanes are graded from One to Five, with Five being the strongest. |
| Analysts said the experience of Katrina in 2005 meant that the energy sector and other industries in the US Gulf of Mexico were now much better prepared. | Analysts said the experience of Katrina in 2005 meant that the energy sector and other industries in the US Gulf of Mexico were now much better prepared. |
| "This is Katrina's legacy," said Phil Flynn of Alaron Trading in Chicago. | "This is Katrina's legacy," said Phil Flynn of Alaron Trading in Chicago. |
| "The industry is much more prepared and taking things much more seriously. That's why so much has been shut down so quickly." | "The industry is much more prepared and taking things much more seriously. That's why so much has been shut down so quickly." |
| New Orleans, Louisiana's main city, and surrounding areas have been evacuated ahead of Gustav. | New Orleans, Louisiana's main city, and surrounding areas have been evacuated ahead of Gustav. |