Quantcast
Latest Stories

Oil prices mixed as threat of US debt default looms



AP FILE PHOTO

SINGAPORE – Oil prices were mixed in Asian trade Wednesday with dealers nervously monitoring the crippling budget impasse in Washington as the deadline for raising the debt ceiling approaches.

New York’s main contract, West Texas Intermediate (WTI) for delivery in November, was up 16 cents at $101.37 a barrel in mid-morning trade, while Brent North Sea crude for November eased one cent to $109.95 a barrel.

With just over a day before the US government begins to run short of money to pay its bills, there was no clear sign of a deal in Washington late Tuesday to reopen the federal government and raise the country’s borrowing limit.

If Congress fails to raise the debt ceiling before midnight Wednesday (0400 GMT Thursday) the US Treasury would begin to run out of money to meet all US obligations and slip towards a historic debt default that analysts fear will cause deep damage to the global economy.

Stalled talks in Congress triggered a fall in Wall Street on Tuesday, while rating agency Fitch placed the country’s AAA rating on watch for a possible downgrade.

The “market is showing increasing signs of unease amid another day of stalled progress on debt ceiling talks,” French bank Credit Agricole said in a note.

“Although 17th October is not necessarily the date that the US defaults on its debt, it nevertheless will be the crucial date that investors have in mind,” it added.

“Tension is building up as we approach this deadline, and talks of hope and progress, rather than concrete deals, might not be enough to keep sentiment from deteriorating.”


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , Debt , oil , Trade , US , US government shutdown

  • NoWorryBHappy

    :
    I have posted this comment elsewhere as a US default on its debt repayments LOOMS. Let us set aside the pork barrel controversy for a few days. A US default on its debt repayments is NO small matter. Even a short term US default will have DIRE consequences in financial markets and national economies worldwide. At THIS time, the Bangko Sentral ng Pilipinas MUST have a CONTINGENCY PLAN in place for the Philippine economy to cushion the effects of this US default. It is far better to have a conitingency plan than to have nothing at all. Survival ALWAYS favor the prepared. And I always say, ONLY the Filipinos can better take care of the Filipinos.
    :



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Suspect in Vhong Navarro’s mauling wants to turn state witness – De Lima
  • Why are Americans obsessed with missing plane?
  • Napoles to have surgery on Tuesday – report
  • Mayor’s assassination linked to black sand mining controversy
  • Initial batch of Etihad passengers tested negative for MERS-CoV
  • Sports

  • PBA D-League: Waves edge skidding Superchargers
  • Ilad’s last-second basket lifts Gems over Bakers
  • Reigning champs Miami open playoffs with win
  • Spurs subdue Mavericks in playoff opener
  • Wawrinka beats Federer to win Monte Carlo Masters
  • Lifestyle

  • Miss America: Don’t suspend teen over prom invite
  • Transitions and resurrection in the performing arts
  • ‘Archaeology tour’ of Cebu’s heritage of faith
  • Historic Fort Bonifacio tunnel converted into a septic tank
  • ‘Imports’ from London, and play of the year
  • Entertainment

  • Arrest warrants out vs. Deniece Cornejo, Cedric Lee, et al over serious illegal detention
  • Lindsay Lohan says she had a miscarriage
  • Discovery network cancels Everest jump
  • ‘Captain America’ stays strong atop US box office
  • Easter musings
  • Business

  • Century Pacific Food sets IPO price at P13.75 per share
  • Oil prices down in quiet Asian trade
  • Asian shares mixed in holiday-thinned trade
  • BDO seen keen on bidding for Cocobank
  • Bataan freeport investment pledges up 1,302%
  • Technology

  • PH has slowest internet in Southeast Asia
  • Nintendo’s trailblazing Game Boy marks 25th anniversary
  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Opinion

  • Gigi’s home
  • Palace stonewalls on MRT inquiry
  • Couple of things too
  • There is plenty of water behind Wawa Dam
  • Triduum thoughts of a young boy
  • Global Nation

  • Filipinos in Middle East urged not to panic amid MERS-CoV scare
  • Obama on mission to quiet Asia skeptics
  • Search for Etihad passengers launched
  • Japan presents $57-B ‘dream plan’ to solve Metro congestion
  • Tim Tebow’s charity hospital in Davao seen to open in 7 months
  • Marketplace