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Crude prices tumble on US government shutdown

Brent and WTI prices slipped in October as a partial US government shutdown threatened to depress crude demand from one of the world’s largest oil consumers

The US federal government shutdown from 1 October until 17 October as Congress failed to agree a budget for the 2014 fiscal year. Congress voted through a deal to resolve the political standoff hours before a deadline to raise the $16.7 trillion debt limit. Brent tumbled to $107 a barrel (/b) on 1 October, down from around $113/b in mid-September. WTI also fell on 1 October, to around $102/b, down from around $108/b in mid-September. An oil glut at Cushing has put pressure on the US benchmark, causing the price differential between WTI and Brent to widen to six month-highs. US crude stocks climbed by 4 million barrels in the week ending 11 October, reaching 374.5m barrels, according to Ene

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