NEW YORK, Sept. 27 (Xinhua) -- Oil prices dropped Friday on concerns that a possible government shutdown may hurt growth of the world's largest oil-consuming country.
Continuing uncertainties over whether Washington will reach a budget deal for the new fiscal year and raise its looming debt limit put a damper on the market.
The Senate on Friday passed a stopgap spending bill to keep the government running through Nov. 15, stripping out House of Representatives language to end funding for the U.S. healthcare law known as Obamacare.
The measure puts pressure on the House, which could vote on the bill in an unusual Saturday or Sunday session, to avoid a government shutdown set to start on Oct. 1.
Congressional Republicans and Democrats continued to hold their respective stance. President Barack Obama on Thursday defended his signature health care law, while House Speaker John Boehner said House Republican lawmakers will tie debt limit increase with reform agenda.
U.S. Treasury Secretary Jacob Lew said Wednesday that the Treasury Department will run out of borrowing capacity no later than Oct. 17, urging Congress to raise the debt limit in a timely manner.
On the economic front, U.S. consumer spending and personal income rose at a faster pace in August, the Commerce Department said Friday. Data showed personal income increased 0.4 percent in August after a 0.2-percent growth in July, while personal consumption expenditure rose 0.3 percent, up from a 0.2-percent gain in July.
Light, sweet crude for November delivery decreased 0.16 U.S. dollar to settle at 102.87 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery lost 0.58 dollar to close at 108.63 dollars a barrel.