Monday saw minimal change to crude oil prices as conjecture spread about political leaders in the globe's top consumer of the energy commodity declining to increase the debt ceiling, according to Bloomberg.
U.S. Republican leaders noted they are committed to mandating spending cuts in return for boosting the borrowing limit. The leaders were able to successfully negotiate terms and conditions to avoid the fiscal cliff.
"Investors are concerned about the debt ceiling and other political issues may hurt the economy," research director Kyle Cooper with IAF Advisors in Houston told the news source on Monday. "It's hard to see how prices can climb much above $93 with these concerns in the background."
At 4:07 p.m. on Monday, Brent crude oil futures increased 0.25 percent, a 28-cent gain to $111.59 per barrel. At 4:08 p.m., WTI crude oil futures climbed 0.15 percent, a 14-cent lift to $93.24 per barrel.
Reuters reports crude oil futures benefited from the Seaway Pipeline expansion project as it pushed toward completion. The line connecting Oklahoma and the Gulf Coast is forecast to be complete on Friday.
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