Bloomberg (14/10) -- West Texas Intermediate fell for a second day as U.S. lawmakers continued to negotiate an accord to raise the government’s debt limit amid concern a potential default may slow global economic growth and sap fuel demand.
Futures slid as much as 0.8 percent in New York after capping the fourth loss in five weeks on Oct. 11. Senate leaders wrapped up almost four hours of debate without a resolution yesterday as a lapse in borrowing authority looms on Oct. 17. Exports from China, the world’s second-biggest crude consumer, unexpectedly fell in September, according to customs data.
“The jitters will remain as the fiscal mismanagement continues in the U.S.,” said Jonathan Barratt, the chief executive officer of Barratt’s Bulletin in Sydney who predicts investors will buy West Texas contracts at about $101 a barrel. “The Chinese export data was woeful.”
WTI for November delivery dropped as much as 81 cents to $101.21 a barrel in electronic trading on the New York Mercantile Exchange. It was at $101.49 at 11:01 a.m. Sydney time. The contract slipped 1 percent to $102.02 on Oct. 11, capping a 1.8 percent decline for the week. The volume of all futures traded was about 38 percent below the 100-day average.
Brent for November settlement fell as much as 52 cents, or 0.5 percent, to $110.76 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $9.45 to WTI futures, expanding for a sixth day to the widest gap since June.
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