Oil prices have begun to fall from record highs.

Market analysts have said that a boost in the value of the U.S. dollar and the passage of Hurricane Dolly have allowed oil prices to drop slightly, Xinhua reported.

Oil for September delivery dropped $3 Tuesday and continued to drop by a little more than a dollar Wednesday.

The tropical storm that accelerated into a hurricane avoided many of the offshore oil rigs in the Gulf of Mexico, relieving fear of damages and shutdowns.

An oil analyst with PetroMatrix told the Irish Times the storm's price impact can be forgotten now.