AFP, (07/10)
-- Oil prices edged lower in Asian trade Monday on growing concerns the
US budget crisis could spiral into a devastating debt default and
ravage the global economy.
New
York's main contract, West Texas Intermediate for delivery in November
fell 57 cents to $103.27 in mid-morning trade, while Brent North Sea
crude for November eased 40 cents to $109.06.
The
US government shutdown looks set to drag into day seventh on Monday, as
a series of marathon talks between Democrats and Republicans in
Washington failed to reach a resolution to the stand-off.
US
Treasury Secretary Jack Lew warned Sunday that Congress was 'playing
with fire' as Republicans raised the threat of a US default if President
Barack Obama refuses to negotiate on spending.
Lew
said the United States will run out of its ability to borrow money on
October 17, and with only $30 billion in hand to meet obligations that
can run to $60 billion a day, it will quickly default.
Fears
are growing that the shutdown could threaten a fragile economic
recovery in the US, with some analysts suggesting it could push the
country's economy back into recession.
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Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 10:24 AM
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