US Oil to Touch $100 on Isaac; Experts Say Sell

    • US Oil to Touch $100 on Isaac; Experts Say Sell

      Even as U.S. crude oil prices are expected to touch $100 this week as the strengthening Tropical Storm Isaac threatens to disrupt offshore oil production in the Gulf of Mexico, experts say the upside will likely be short-lived, recommending investors sell into the rally.
      Nymex light sweet crude (New York Mercantile Exchange: clcv1)oil price climbed over $1 to $97.39 on Monday, after the U.S. National Hurricane Center warned that Isaac was expected to strengthen to a Category 2 hurricane and hit the Gulf Coast midweek.
      The price of oil to The Gulf of Mexico accounts for around 20 percent of America's oil output, or 1.4 million barrels of crude daily, according to the U.S. Energy Information Administration.