Crude oil prices hovers in the $58 range in midday trading. The price opened at $58.35 this morning and shot up as high as $58.90 before dropping back to $58. Traders are anxious to see how Hurricane Emily will alter oil tanker traffic from Venezuela and Mexico.

August contract crude dropped more than two dollars a barrel on reports that Hurricane Emily will completely avoid oil fields. Gasoline and heating oil, taking a hint also plummeted. These are lowest prices in over two weeks for oil.

Oil prices hovered in the $60 range today, climbing to $61.10 briefly and then going back down to $60.30. Traders remain moody, eyeing the storm Emily moving into the Caribbean, as they wonder what the effects will be on the Gulf of Mexico.

Fuel prices continued to climb back up as traders charged like bulls in Spain, driving prices for light sweet crude on the August contract in New York hit $61.25 before settling at $60.62 for the evening. Surprisingly enough, traders suspect U.S. inventories may be down somewhat when the EIA makes its announcement in the morning.

Oil traders calmed after Hurricane Dennis created minimal problems for offshore rigs after initial predictions had those investors worried. Light sweet crude on the August contract slides down ever so slowly to $58.10 in midmorning trading.

August contract light sweet crude dropped its rally on Friday aft Hurricane Dennis projections moved the storm away from oil platforms in the Gulf of Mexico. The prices closed at $59.63 a barrel after climbing to $61.90 during the day. Brent crude traded in the IPE in London dropped $1.10 to $58.20.

Light sweet crude prices started cranking out hits this morning in a rally that’s taken the price back up to $61.75 and gas prices will make you squeal as they hit $1.86 in morning trades. Brent Crude is back up over $60 on the IPE in London this morning. Traders shook off the bombing because they’re much more scared of Dennis.

Light sweet crude, after opening at a record high of $62.30, this morning plummeted to $59.05 after news of the London subway bombings on Thursday morning. The price started a rally but didn’t go back above $61.