Ike Downgraded...For Now

Hurricane Ike weakened into a Category 2 storm on Monday after roaring ashore in northeastern Cuba the U.S. National Hurricane Center said.

Forecasters have said Ike could weaken to a Category 1 storm over Cuba but don't get carried away just yet....

It could then regain Category 3 strength once its back out to sea disrupting US oil and gas production facilities in the Gulf of Mexico.

Oct crude is up $1.43 at $107.66/barrel at 10.15 London time.