Crude oil fell to the lowest in almost three months on as the United States is facing its first government shutdown in 17 years over a budget stalemate that would reduce demand on oil from the world’s largest consumer.
The Republican-run House voted during the weekend to delay President Barack Obam's health care law by one year. Budget spending must be agreed by Congress before October 1 to prevent a government shutdown.
The disagreement in the US between Democrats and Republicans over the spending bill comes ahead of a crucial challenge to raise the borrowing limit by October 17 in order to avoid a debt default, weighing even more on sentiment.
- WTI crude oil futures for November settlement is trading around $101.54 a barrel after falling $1.33
- Brent futures for November settlement is trading around $107.65 a barrel after falling $0.98
Crude also fell after President Barak Obama and Iran’s President Hassan Rouhani spoke about the nuclear program during a phone call on Sept. 27, while the UN Security Council approved an agreement to eliminate Syria’s chemical weapons.
Adding to the downside pressures on crude prices was China’s PMI manufacturing from HSBC. The final reading came at 50.2 in September, which is less than last week’s 51.2 preliminary reading and the 51.2 median estimates.
Caution will be seen rising this week ahead of key rate decision from Japan, Australia and Europe, while the US will release Friday the key jobs report that could give signs of when the US Federal Reserve will start reducing stimulus.
- Natural gas is trading at $3.55 per cubic feet after falling 1.09%
- Gasoline is trading at $2.65 per cubic feet after falling 0.98%
- Heating oil (diesel) is trading at $2.9729 a gallon after falling 0.58%
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Crude Slips To Three-Month Low On US Government Shutdown Worries
Published 09/30/2013, 06:09 AM
Updated 07/09/2023, 06:31 AM
Crude Slips To Three-Month Low On US Government Shutdown Worries
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