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Oil becalmed near $102 as US debt deal awaited

🕐 1 min read

BANGKOK (AP) — Oil was becalmed near $102 a barrel Tuesday as U.S. lawmakers tried to hammer out an agreement to raise the government’s borrowing limit and avoid a possible default.

Benchmark crude for November delivery was down 4 cents to $102.37 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained 39 cents to close at $102.41 on Monday.

The oil price has swung back and forth for days as lawmakers attempt to resolve an impasse that has left the government partially closed and the markets worried about the U.S. defaulting on its debt for the first time. The U.S. has to increase the amount of debt it can sell by Oct. 17

Brent crude, the benchmark used to set prices for international crudes used by many U.S. refineries, was down 22 cents at $110.02 on the ICE futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline was steady at $2.649 a gallon.

— Natural gas rose 2.2 cents to $3.842 per 1,000 cubic feet.

— Heating oil added 0.2 cent to $3.033 a gallon.

 

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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