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West Texas Intermediate fell a third day as the U.S. government began its first partial shutdown in 17 years, threatening to slow the economy and curb fuel use.
Futures dropped as much as 1 percent after lawmakers failed to approve a funding bill. No further negotiations were immediately planned and both sides still disagree over raising the nation’s debt ceiling to avoid a first-ever default after Oct. 17. A government report tomorrow may show crude supplies rose last week as refineries idled units for seasonal maintenance, according to a Bloomberg survey.
WTI crude for November delivery fell 99 cents, or 1 percent, to $101.34 a barrel at 10:55 a.m. on the New York Mercantile Exchange. WTI decreased 0.5 percent yesterday to the lowest close since July 3. The volume of all futures traded was about 33 percent below the 100-day average. Prices increased 6 percent last quarter.
Brent oil for November settlement slipped $1.15, or 1.1 percent, to $107.22 a barrel on the London-based ICE Futures Europe exchange. Volume was 6.2 percent above the 100-day average. The European benchmark was at a premium of $5.88 to WTI futures, compared with $6.04 yesterday.
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