Crude price reacts to news of European banks passing stress tests

Oil prices reacted to news of European banks passing closely-watched stress tests amid concerns over the US government's debt problems. New York's main contract, light sweet crude for delivery in August dipped in Asia to US$97.15, while Brent North Sea crude for September delivery rose to US$117.4. The European Union's banking regulator the European Banking Authority failed only 8 of 91 banks in the stress tests. Despite the better than expected result amid EU's escalating debt woes, continued concerns of a political stalemate in the United States over its debt crisis continued to hang over crude prices.
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