25 Jul '11, 4am

Oil lower on US debt concerns #afpasiapacificbusiness

SINGAPORE: Oil fell in Asian trade Monday on concerns over a possible US default if President Barack Obama and lawmakers fail to reach a deal to raise the country's debt ceiling, analysts said. New York's main contract, West Texas Intermediate light sweet crude for September delivery, sank US$1.08 to US$98.79 a barrel, and Brent North Sea crude -- also for September delivery -- dropped 60 cents to US$118.07. "The uncertainty over the US debt saga has created concerns for the oil market," said Victor Shum, an analyst with energy consultancy Purvin and Gertz. "If it defaults, it impacts potentially economic growth in the US and so it's a sort of a domino impact," he told AFP. The White House and top lawmakers scrambled Sunday for a deal to stop the world's richest country from an unthinkable and ruinous default on its debt, which would affect the rest of the world. Obama, hi...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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