NEW YORK (AP) — The price of oil slipped to near $102 a barrel Tuesday after parts of the U.S. government were ordered to shut down because of a budget impasse in Washington.
Benchmark oil for November delivery fell 29 cents to close at $102.04 a barrel in New York. Brent crude, a benchmark used to price imported crude used by many U.S. refineries, fell 43 cents to close at $107.94 in London.
Relatively weak oil demand in the U.S. could weaken further if the shutdown curbs economic growth and continues to stop 800,000 federal workers from driving to work, according to Phil Flynn, a senior market analyst at the Price Futures Group.
"A prolonged stalemate could slow the economy and US oil demand," Flynn wrote in a report Tuesday.
Investors will begin monitoring fresh information on U.S. stockpiles of crude and fuels Wednesday when the Energy Department's Energy Information Administration issues its weekly report. The EIA says it will continue to operate despite the shutdown for several more days.
Data for the week ending Sept. 27 is expected to show a build of 2.4 million barrels in crude oil stocks and a draw of 1.4 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
In other energy futures trading on the New York Mercantile Exchange:
Pablo Gorondi in Budapest and Pamela Sampson in Bangkok contributed to this report.
Copyright 2015 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you