Global oil prices fell yesterday after President Barack Obama warned Republicans over the debt ceiling, with traders bracing for more US partisan bickering in the coming weeks. In midday London deals, Brent North Sea crude for delivery in February declined nine cents to $111.79 a barrel.New York’s main contract, light sweet crude for February or West Texas Intermediate (WTI), reversed 16 cents to $93.98 a barrel.
“Crude oil prices have been in a consolidation mode on Tuesday morning, as the lack of the agreement over the US debt ceiling and further build in the US oil crude stocks weighed further on market sentiment,” said Sucden analyst Myrto Sokou.
“Brent oil currently trades around $112 per barrel, while WTI crude oil consolidates around $94 per barrel.”
President Barack Obama on Monday warned Republicans against using the debt ceiling as a “bargaining chip,” saying a failure to raise it would sow financial chaos and send markets into a tailspin.
I miss this kind of news wherein oil price falls down, this kind of news is like music in the ears. Eventhough the oil price on the world market falls down the rollback on the price of gas is not that easy.
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