NEW YORK (MarketWatch) -- Dolly, a tropical storm headed toward northern Mexico and expected to impact the very southern tip of Texas, has now officially reached hurricane status, the National Weather Service said Tuesday. Dolly, now a Category 1 hurricane, is still moving northwest at 10 miles per hour and maximum sustained winds have increased to near 75 miles per hour with higher gusts, it said. A tropical storm warning and a hurricane watch are in effect for the coast of Texas as well as the northeast coast of Mexico. Crude oil futures earlier fell sharply, partly on expectations that Dolly is unlikely to hit major offshore oil and gas facilities in the Gulf of Mexico. But concerns remain it might hit refineries near Corpus Christi in Texas. In electronic trade, crude oil for September delivery briefly rose but was last quoted down 2 cents at $128.40 a barrel. ...
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