NEW YORK: Brent crude oil fell yesterday, heading for its first monthly decline since May, as a looming US government shutdown clouded the outlook for demand while tensions over Iran continued to ease.
A last-minute deal between Republicans and Democrats to resolve a budget impasse in Washington appeared less likely, increasing the chances of the US government shutting down at midnight.
US equities and the US dollar also fell, with energy shares posting the steepest losses of the 10 S&P 500 sectors.
Brent lost 44 cents to $108.19 a barrel by 11.19am EDT (1519 GMT), set for a monthly drop of more than five percent. Brent hit an earlier low of $107.22. US crude lost $1.07 to $101.80 a barrel, paring losses from a session low of $101.05.
Reuters
