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Summary The US debt ceiling issue pulled oil prices down to $99.10 per barrel.
World oil prices dropped, gold price surged amid continuing deadlock over debt ceiling issue in the world’s largest oil consumer.In New York, light sweet crude was seen trading at $99.10 a barrel while Brent crude was traded at $ $118 a barrel in London.According to analysts, US economy could be in danger if lawmakers failed to agree on the debt ceiling issue that will hurt global economy as well. The lawmakers have time till August 2 hash out a deficit-cutting plan without which Republicans in Congress said they would not raise the legal $14.3 trillion debt limit.The uncertainty helped drive Gold to an all time high for the 6 times in two weeks.
