Oil Drops Toward $77 As US Storm Threat Eases

Oil fell toward $77 a barrel on Sept. 5 as a tropical storm hitting the U.S. Gulf coast weakened and moved away from oil-producing areas, easing supply concerns.

Crude had jumped the previous day as oil companies shut dozens of offshore platforms in anticipation of damage from tropical storm Gordon. But by Sept. 5 the storm was weakening, reducing its threat to oil producers.