Benchmark oil prices eased in early electronic trading on 29 August after the Gulf of Mexico’s Hurricane Isaac passed onshore without reports of significant damage to production and refining facilities. Offshore platforms and refineries were expected to be brought back on-stream quickly. Ahead of the storm’s passing, WTI crude had settled on 28 August up by $0.86/B at $96.33, while Brent closed $0.32/B higher at $112.58/B. Earlier the US government had announced that 93% of US Gulf production capacity (1.287mn b/d) and 12% of Gulf Coast refining capacity (936,000 b/d) was shut down as a precautionary measure.