NEW YORK, Oct. 7 (Xinhua) -- U.S. oil prices fell Monday on growing concerns that the current budget crisis could evolve into a debt default as lawmakers in Washington D.C. remained deadlocked.
The market is focusing on the government shutdown and the debt ceiling. The U.S. federal government shutdown dragged on for the seventh day with little sign of progress in budget negotiations in Congress.
U.S. House Speaker John Boehner said Sunday that the lower chamber would not pass bills to end government shutdown or raise debt limit until President Barack Obama chooses to negotiate.
However, Obama has urged lawmakers to reopen the government and raise the debt limit with no conditions attached.
Investors are growing more and more concerned over the fiscal gridlock, as the debt ceiling deadline is looming. The U.S. federal government has to raise its borrowing limit so as to avoid a default on its debt.
U.S. Treasury Secretary Jacob Lew said recently 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.
Light, sweet crude for November delivery decreased 0.81 dollars to settle at 103.03 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery gained 0.22 dollars to close at 109.68 dollars a barrel.