国际英语新闻:Oil edges down on European concerns, Storm Isaac

NEW YORK, Aug. 24 (Xinhua) -- U.S. crude oil prices edged down after seesawing as concerns about European debt crisis weighed, while Tropical Storm Isaac was approaching the oil-rich Gulf of Mexico and forced drilling companies to halt production.

Crude prices were heavily pressured by the European concerns on Friday. After meeting with German's Chancellor and French President, Greek Prime Minister Antonis Samaras didn't get the agreement he needed on more time for his country to implement austerity measures and pay back euro loans.

Although Germany would like to help Greece "as much as we can, " speculations of Greece's exit from the euro zone still came back to the markets and clouded the region's economic outlook.

Hopes for more stimulus measures from the U.S. Federal Reserve were also dampened by the comments of St. Louis Fed President James Bullard. While awaiting Fed Chairman Ben Bernanke's speech scheduled on Aug. 31, some investors chose to trim positions and took profits.

But supply concerns were worsened by the news that Tropical Storm Isaac was expected to become a hurricane when it approaches the Gulf of Mexico early next week. Big oil companies in the Gulf including BP and Shell were bracing for the upcoming storm by shutting down drilling operations and evacuating personnel.

Global supplies had been under threat recently as production in North Sea oil fields fell, while turmoil in Syria and dispute between Iran and the West over Teheran's nuclear program posed risks to oil output and exports in the Middle East.

Light, sweet crude for October delivery lost 12 cents, or 0.12 percent, to settle at 96.15 dollars a barrel on the New York Mercantile Exchange. It still posted the fourth straight weekly gains of 14 cents.

In London, Brent crude for October delivery fell more sharply as there was news saying the International Energy Agency might tap strategic oil reserves in September. The October contract last traded below 114 dollars a barrel.