Friday, August 12, 2011

Oil falls talks stall under $99 as the U.S. debt

Friday, August 12, 2011

Singapore - oil prices fell under $99 per barrel Monday in Asia amid investor concern that the absence of an agreement among US Lawmakers to lift the country's debt has a standard and could damage the global economy.

Benchmark oil for September delivery below 95 cents to $98,92 been a barrel at noon Singapore in electronic trading on the New York Mercantile Exchange. Crude oil rose 74 cents to $99,87 on Friday to rules.

In London, Brent crude slipped 68 cents to $117.99 a barrel on the ICE Futures Exchange.

Talks ground to a halt advised 2 looms at the weekend as an Aug. deadline for the Congress, the Government to increase debt limit to $14.3 trillion. Without action until this date, the Ministry of finance will be to pay all their bills that cause that a debt default and undermine the world economy could.

Republican and democratic leaders plan, expenses and liabilities of Government proposals to present later Monday.

"We believe that a temporary solution for last-minute deal is reached to avoid worst case results," Bank said BofA Merrill Lynch in a report. "But it will not provide a credible long term fiscal solution or rating agency concerns lift."

Bank of America said, rating agencies probably will until the end of the U.S. credit rating to AA from AAA.

1.7 Cents $3.13 in other NYMEX trading in September contracts, heating oil rose won a gallon during gasoline 2.1 cents to $3.08 per gallon. Natural gas of futures for August delivery advanced 1.1 cents to $4.41 per 1000 cubic feet.

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