Oil mixed as Traders Eye US Debt Standoff

The oil is mixed in the Asian market today, with muted investor confidence in the political stalemate in the U.S. plans to eliminate debt limit competition in the country.

In New York, light sweet crude for September delivery, rose 15 cents to $ 99.35 a barrel and Brent North Sea for September delivery fell 29 cents to $ 117.65.

"Investors [are] staying on the sidelines as Washington's debt ceiling discussions," the analysts said a review of Phillip Futures.

President Barack Obama and the U.S. Treasury Department has said Congress must raise the debt ceiling of $ 14.29 trillion in the month of August 2 prevents the default, which would have an impact on the world economy.

But Democrats and Republicans remain deadlocked in the midst of bitter disputes, tax rises and spending cuts.

The prospect of greater economic machine running out of cash to pay its bills come Aug. 2 sent stocks sliding by the International Monetary Fund warned of a "severe shock" to the world economy without a breakthrough.

Obama called on Americans yesterday to pressure Republicans to compromise on a debt agreement, the warning in a televised speech in prime time that the risk of default "grave crisis"

Washington has hit its ceiling due May 16, but used the funds, and adjustments and tax revenue than expected, will continue to operate normally. However, it can only do so through August 2.

At that time, American leaders will face a difficult decision on the reduction of 40 cents of every dollar spent and failed, or by paying the debt or other obligations such as health or public pension benefits.