Crude oil prices mixed

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Commodities - International Oil Report

LONDON (AFP) - Crude oil prices were narrowly mixed on Tuesday, with sentiment muted amid a budget standoff in Washington over a plan to avoid a debt default.

New York s main contract, light sweet crude for delivery in September, advanced by just 14 cents to $99. 34 a barrel. Brent North Sea crude for September eased seven cents to $117. 87 in London deals.

Investors (are) keeping to the sidelines as Washington debates the debt ceiling, analysts from Phillip Futures said in a commentary.

The United States is meanwhile the world s biggest consumer of oil. The US treasury says Congress must raise the government s $14. 29 trillion debt limit by August 2 to prevent a default, which would have devastating repercussions on the global economy. But Democrats and Republicans are deadlocked, with bitter disagreements over tax increases and spending cuts.

Courtesy: Nation

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