Oil, other commodities slip as US debt limit nears

The Associated Press

Prices for crude oil and other commodities mostly fell Tuesday as the U.S. approaches a deadline on reaching a debt deal with few signs of progress in Washington.

Oil for November delivery fell $1.20 to close at $101.21 a barrel on the New York Mercantile Exchange.

Other energy futures also fell. Wholesale gasoline slipped 1 cent to $2.66 a gallon, natural gas fell 3 cents to $3.79 per 1,000 cubic feet and heating oil lost 1 cent to $3.02 a gallon.

Crude oil prices and other commodities have been swinging higher and lower as talks in Washington stagger along over raising the country's debt limit ahead of a Thursday deadline.

Gold for December delivery edged down $3.40 to $1,273.20 an ounce. December silver fell 16.3 cents to $21.191 an ounce.

In other metals trading, high-grade copper for December delivery edged up half a cent to $3.308 a pound. December palladium fell $8.95 to $706.30 an ounce.

January platinum fell 10 cents to $1,383.40 an ounce.

In agricultural futures, December corn edged up 6.5 cents to $4.435 a bushel. December wheat fell 6.75 cents to $6.8575 a bushel and November soybeans fell 6 cents to $12.67 a bushel.