Oil: an overview of the market situation

Oil prices traded mixed , while demonstrating little change . Note that earlier today the price of Brent crude oil fell more than 1 percent , having fallen while below $ 108 per barrel , as oil production in the Gulf of Mexico resumed, while concerns about the "shut down " the U.S. government's clouded prospects for demand.

Note that Tropical Storm Karen has meant that many miners were forced to close the oil for nearly two -thirds of its platforms in the Gulf of Mexico last week. But after a Saturday level of risk has been lowered , many platforms have begun to resume their work.

As for the budget negotiations, which many economists are increasingly worried that it might hinder the country to raise the borrowing limit until October 17 , which increases the possibility of a sovereign default . Note that House Speaker John Boehner said the Republican-led House will not vote for raising the U.S. debt ceiling , if the agreement does not include other provisions .

Boehner said that the country could default if Obama does not come to an agreement. But he said he did not want of default .

The Obama administration has said it will not negotiate with Republicans to finance the government or raise the debt ceiling , arguing that these issues are part of the core functions of Congress and should not be used as leverage .

Obama said in an interview with Associated Press, that the Congress is likely to agree to raise the nation's debt ceiling to 16.7 trillion . dollars , " while " in order to avoid default.

The cost of the November futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 103.33 a barrel on the New York Mercantile Exchange.

November futures price for North Sea Brent crude oil mixture rose 25 cents to $ 109.45 a barrel on the London exchange ICE Futures Europe.