West Texas Intermediate crude fell to the lowest in almost three months on concern the U.S. government is heading for a shutdown over a budget stalemate that could reduce demand in the world’s largest oil consumer.
Futures slipped as much as 1.4 percent in New York, extending this month’s loss to 5.7 percent. The U.S. Congress has one day to end a spending gridlock that raises the risk of the first government shutdown in 17 years. Prices also fell after President Barack Obama and Iran’s President Hassan Rouhani spoke about the Islamic Republic’s nuclear program in a phone call on Sept. 27, and United Nations Security Council approval of a plan to eliminate Syria’s chemical weapons the same day.
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