Concerns about the Thursday night deadline to increase the debt ceiling in the world's largest consumer prompted West Texas Intermediate crude oil futures to hover on Wednesday, according to Bloomberg.
One day after diving 1.2 percent, the energy commodity was ebbing and flowing as discussions amongst U.S. political leaders continued negotiations regarding budgetary, economic and fiscal issues. The partial government shutdown is well within its third week.
"The U.S. is going to do the right thing, but only after exhausting all the alternatives," market analytics global head Guy Wolf with Marex Spectron Group in London told the news source on Wednesday. "If they technically breach the deadline, as it appears they might, it will lead to some volatility but I don't see it as a prolonged issue. This is not Greece."
At 9:13 a.m. on Wednesday, WTI crude oil futures edged down 0.10 percent, a dime loss to $101.11 per barrel. At 9:12 a.m., Brent crude oil futures moderately slipped 0.10 percent, an 11-cent loss to $109.85 per barrel.
Reuters reports the price of oil also was influenced by ongoing discussions between Iran and six global powers regarding the oil-rich Middle Eastern nation's nuclear ambitions.
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