Metals News
Oil Falls on U.S. Debt Concerns
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09:46AM
Source:SMM

NEW YORK, Jul. 26 -- Crude prices fell on Monday as U. S. debt concerns weighed amid no agreement reached by Democrats and Republicans.

Investors remained wary of a possible downgrade of U.S. credit rating and even a default as the debt ceiling talks in Congress fell apart again over the weekend. The markets worried that once U. S. saw a first-ever debt default there would be "calamitous outcome" for U.S. and global economy, which would pose great risk to world oil demand.

And the boosting force coming from Europe's new rescue plan for Greece that helped U.S. crude benchmark hit a 6-week high last Friday was gone after Moody's Investors Service further cut Greece 's credit ratings into junk territory. The international ratings agency said it was almost certain for a Greek debt default despite the new bailout plan.

Light, sweet crude for September delivery fell 67 cents, or 0. 67 percent to settle at 99.20 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for September delivery slipped 73 cents, or 0.62 percent to close at 117.94 dollars a barrel.

 

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