Oil prices tumble on concerns over US budget impasse

September 30, 2013 08:49

Oil prices tumbled in Asian trade today as a budget impasse in the United States threatens to shut down parts of the economy, analysts said.

New York's main contract, West Texas Intermediate for delivery in November fell USD 1.16 to USD 101.71 in mid-morning trade, while Brent North Sea crude for November was down 82 cents to USD 107.81.

Crude tracked losses on most Asian equity markets after the House of Representatives approved a Republican bill seeking to delay President Barack Obama's health care law.

With Democrats refusing to accept demands for cutbacks in the healthcare programme, there are fears that hundreds of thousands of US federal employees will be sent home from Tuesday.

Investors are also eyeing a more critical row over the US debt ceiling, which must be raised before mid-October, when the government runs out of money to pay its bills.

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