NEW YORK, Oct. 3 (Xinhua) -- Oil prices retreated Thursday amid worries over partial U.S. government shutdown and the looming debt ceiling.
A partial U.S. government shutdown dragged into a third day on Thursday, after a White House meeting between U.S. President Barack Obama and congressional leaders Wednesday afternoon ended with little sign of compromise.
Obama said Wednesday that it is important for Wall Street to recognize that this is going to have a profound impact on the economy.
Rising concerns that government shutdown and failure to raise the debt ceiling would hurt economic growth and oil demand pressured oil prices.
On the economic front, the number of Americans who initially applied for jobless benefits last week rose 1,000 to 308,000 from the previous week, the Labor Department said Thursday, fewer than market consensus.
However, dollar's weakness and positive data from the service industry in China and eurozone limited losses of oil prices.
China's service sector expanded at the fastest pace in six months in September. London-based Markit Economics reported Thursday that the purchasing managers index of service sector in the eurozone has been in positive territory for a second month in September.
Light, sweet crude for November delivery slipped 0.79 dollars to settle at 103.31 dollars a barrel on the New York Mercantile Exchange.
Brent crude for November delivery lost 0.19 dollars to close at 109.00 dollars a barrel.