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Alex Heads Toward Mexico

To the great relief of oil rigs and refineries in the Gulf, Tropical storm Alex is heading toward Mexico, not North.

Speculators got their hopes up. Forecasts said Alex could become a hurricane within 48 hours.

But not so fast boys, time to readjust positions. Oil for Aug delivery fell 84 cents to $78.02 on the Merc. Closed even lower in London. Go long.

A break for BP here, that expects to plug its accidental 60,000 barrel-a-day gusher by August.

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