Futures for WTI crude were seen dropping lower on Friday during the early hours of the European trading session and the late Asian trading sessions amid a lack of economic events which could potentially price-changing fundamentals.
The West Texas Intermediate oil futures traded 0.14% lower at $103.17 a barrel at the time of writing, while the European Benchmark crude Brent futures declined 0.12% to $108 a barrel at the same time.
WTI Crude – US Shutdown
The US Congress failed to finalize an agreement over the country’s budget for the fiscal year which began yesterday, leading to the government’s first shutdown in 17 years and could affect almost 800,000 federal employees.
Due to the Congress failure to conclude on the US spending bill for the next fiscal year, the expected non-farm payrolls report from the Department of Labour will not released on the first Friday of the month as expected.
The US shutdown remains in the spotlight as the House of Representatives, dominated by Republicans are refusing to pass the bill without changes to Obamacare, however the President Barack Obama have refused to make any changes to healthcare plan that’s included in the spending bill.
The government shutdown could cost the US approximately $300 million a day.
The risk of a US default has disfigured the markets more than the shutdown as questions were raised as to whether Congress would raise $16.7 trillion debt ceiling.
The US Treasury announced that its borrowing authority would end by October 17; it would not have sufficient funds to pay approximately $70 billion due to bondholders.
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