Crude oil prices fell more than $4 early Monday to below $121 a barrel, extending a steep decline from the July 11 record over $147.
"Edouard doesn't seem to have much of an impact here, and while the LOOP is temporarily suspended, all it means is that tankers are just sitting out there," said Kyle Cooper, research director of IAF Advisors.
Apache shut 8,600 bpd of oil output and 130 million cubic feet per day of natural gas production after evacuating 110 personnel from facilities off Louisiana. (See the accompanying video for more information...)
Chevron , Anadarko , BP, and Shell Oil said they were evacuating workers from platforms as a safety precaution but added production of oil and natural gas was not affected.
Other oil companies, including Exxon Mobil , El Paso , Citgo and ConocoPhillips , said they were keeping a close eye on the storm.
"We've been monitoring the storm track and have considered some evacuations of personnel in the path of the storm," said Richard Wheatley, spokesman for El Paso.
A series of powerful hurricanes in 2004 and 2005, including Hurricane Katrina, toppled oil rigs and severed pipelines in the Gulf, pushing oil prices to then-record highs.
The six-month hurricane season, which began on June 1, has already seen two of its four storms strengthen into hurricanes. Last month was the third most active July for storms since Atlantic hurricane season records began in 1851.