West Texas Intermediate declined as oil production in the Gulf of Mexico resumed after Tropical Storm Karen weakened and the U.S. came closer to breaching its debt ceiling.
Futures slid as much as 1.3 percent after companies including Chevron Corp. (CVX) and BP Plc (BP/) returned staff to platforms as Karen was downgraded to a depression and passed offshore facilities.House of Representatives Speaker John Boehner said yesterday the chamber can’t pass an increase to the U.S. debt ceiling without packaging it with other provisions, which President Barack Obama has resisted. Shipments of North Sea crudes will increase in November to the most in 21 months.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.