Oil, other commodities slip as US debt limit nears

Oil and other commodities prices mostly lower as US nears debt limit with no deal in sight

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.

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