Prices for light, sweet crude oil fell below the $60 per barrel mark again Monday, Oct. 24, as Hurricane Wilma moved through south Florida and into the Atlantic without damaging any oil producing regions in the Gulf of Mexico.

Prices fell to $58.30 per barrel in early trading before bouncing back up above $60 by midday.

However, Forbes reported that traders were also keeping an eye on the situation in Iraq. All oil exports from Iraq were halted Oct. 24 thanks to a combination of insurgent attacks in the north and bad weather in the south.

Meanwhile the American Petroleum Institute said that production in the Gulf of Mexico is slowly getting back online.

While all the refineries affected by Hurricanes Katrina and Rita have full or partial power back, API said that 19.2 percent of their refining capacity is still down.

About 65 percent of the oil production in the Gulf of Mexico is still shut down, which amounts to 987,000 barrels per day, or 21 percent of the oil production in the United States.