The price of the energy commodity had risen after President Obama announced the U.S. will avoid a default on its debt since congressional leaders were poised to vote to approve a plan to increase the debt ceiling. But the slippage indicates economic development is slowing down.
"The agreement may have helped prevent a crash of the economy in the short term, but there’s still a lot to worry about," chief energy economist Adam Sieminski of Deutsche Bank in Washington told Bloomberg. "The economy hardly grew in the first half of the year and the outlook for growth isn’t promising."
At 5:03 p.m. on Monday, crude oil futures were even at $116.74 per barrel, a likely result of the two causes offsetting one-another.
The Associated Press reports additional political crises are virtually guaranteed as the 2012 presidential election campaign continues heating up. The wire service also claims similar deadline decisions also will re-appear, as will divisive politics.
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