Oil prices dip to hover at US$99 as US postpones debt limit talks

26-Jul-11
Oil prices dipped to hover around US$99 a barrel levels amid investor concerns that the lack of an agreement among US lawmakers to raise the country's debt limit could trigger a default and damage the global economy. Oil for September delivery dipped to US$99 on the Nymex, while in London, Brent crude slipped to US$118 on the ICE Futures exchange. Talks reached a stalemate in USA as an Aug. 2 deadline looms for Congress to raise the government's US$14.3 trillion debt limit. Without action by that date, the Treasury will be unable to pay all its bills, which could lead to a debt default and undermine the global economy.
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