Weakened Hurricane Oscar heads for North Atlantic

Oct. 31 (UPI) -- Hurricane Oscar is expected to keep losing strength as it moves into cooler waters in the Atlantic, forecasters said Wednesday.

The storm has been downgraded to Category 1, with winds of 75 mph. It's moving northeast at 29 mph, the National Hurricane Center reported in its 11 a.m. update. It was located 700 miles from Cape Race, Newfoundland.

The NHC said Oscar's winds vary greatly in each quadrant, but poses no threat to land.

The center's forecast cone predicts the storm will maintain hurricane strength until Friday morning, when it will weaken to a tropical storm. It's then expected to remain a tropical storm between Iceland and Britain and into the Arctic Ocean.

Oscar is the 15th named storm of the year and the eighth hurricane. The NHC said large swells generated by Oscar will affect Bermuda Wednesday.