Oil falls to near US$102 on news of impasse-led US gov't shutdown
By Pamela Sampson, APBANGKOK--The price of oil fell Tuesday after parts of the U.S. government were ordered to shut down because of a budget impasse in Washington.
October 2, 2013, 12:09 am TWN
Benchmark oil for November delivery was down 19 cents to US$102.14 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 54 cents to close at US$102.33 on Monday after trading as low as US$101.05.
Just as the U.S. economy is struggling to expand, infighting among U.S. lawmakers is threatening to slow growth even further. On Monday, the last day of the current budget year, Congress failed to reach a critical agreement on short-term funding. That means some of the government must halt operations.
After climbing to over US$110 in late August, the price of oil has fallen as diplomacy aimed at Syria and Iran eased concerns about Middle East supplies.
Brent crude, the benchmark for international crudes used by many U.S. refineries, fell 39 cents to US$107.98 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
— Wholesale gasoline fell 1.3 cents to US$2.616 per gallon.
— Natural gas lost 0.2 cent to US$3.558 per 1,000 cubic feet.
— Heating oil retreated 1.3 cents to US$2.959 per gallon.