Oil prices fall in Asia after Obama warns about debt ceiling

16-Jan-13

New York’s main contract, light sweet crude for delivery in February, dipped to US$94.05 a barrel and Brent North Sea crude for February delivery dipped to US$111.7. Oil prices fell in Asia after US President Barack Obama warned Republicans over the debt ceiling- a warning that shook market sentiment. Congressional refusal to raise the debt limit beyond its current level of $16.4 trillion could delay key Government payments in the world’s largest economy and oil consumer, sending markets “haywire,” Obama warned.