The markets weigh in on Gustav:
NEW YORK (CNNMoney.com) — Hurricane Gustav slammed into the Gulf coast Monday morning, but oil prices fell as the world market expected that the storm’s impact on the energy infrastructure would not be as serious as previously believed.
Gustav, a Category 3 hurricane when it hit Louisiana mid-morning, was downgraded to a Category 2 storm shortly after making landfall.
With the New York Mercantile Exchange closed for Labor Day, U.S. crude traded on global electronic markets down $4.18 at $111.28 a barrel.