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Crude Oil Declines on US Budget Talks Natural Gas Bounces

October 16, 2013 at 0:38 by Vladimir Vyun

Crude oil dropped today as discussions of a way to avoid a default in the United States are dragging on. There were hopes that some form of a deal will be reached on the weekend, but an agreement was not achieved as of now. There is not much time left before the deadline on October 17 and traders become nervous. Crude also fell as Iran was negotiating with other countries to ease economic sanctions imposed on the nation. November futures for delivery of crude dropped as much as $1.35 (1.32 percent) to $101.06 as of 00:08 GMT on NYMEX today.

Futures for natural gas fell yesterday too on speculations that surplus will persist. Forecasters promised cold weather in the United States, but specialists think that increasing consumption will be not enough to balance excessive supply. The commodity bounced today. Contract for delivery of natural gas in November rose $0.02 (0.47 percent) to $3.81 per million British thermal units on NYMEX today after dropping $0.03 yesterday.

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