Oil prices dipped again after US storm forecasters changed their minds about the direction of the latest Hurricane Joaquin, which is now expected to miss key US East Coast oil installations. Bloated global crude and product stocks have also dampened the geopolitical risk from the worsening conflict in Syria, leaving international benchmark Brent down 48￠ per barrel on the week at $48.17/bbl Thursday and US price pin West Texas Intermediate (WTI) down just 17￠/bbl at $44.91/bbl. Stronger Chinese factory data also failed to sustain a midweek price rally. Hurricane Joaquin, which has strengthened into a powerful Category 3 storm, is now expected to hit land about 100 miles east of New York City in eastern Long Island as a tropical storm, a revised forecast by the National Hurricane Center (NHC) showed. Earlier, the NHC had predicted the storm would hit the New Jersey coast and New York Harbor, home to several oil refineries, pipelines and other energy infrastructure, which would have had to be shut down. Weekly stock data from the US Energy Information Administration (EIA) showed US crude tanks rising 4 million barrels to 457.9 million bbl the week ended Sep.
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