Oil below $99 as U.S. debt talks stall

Singapore (AP) - oil prices fell nearly US $99 per barrel Monday in Asia in the concern of investors that the absence of an agreement between legislators U.S. raise the country's debt limit could trigger a default value and damage the world economy.Oil of reference for September delivery was down 81 cents to $99.06 a barrel at Singapore afternoon end time in e-commerce on new york Mercantile Exchange. Crude rose 74 cents to settle at $99.87 on Friday.In London, gross Brent slipped 60 cents to $118.07 per barrel on the ice future exchange.Talks blocked 2 looms date during the weekend as an August deadline for Congress to raise the debt limit 14.3 billion dollars from the Government. Without action to this date, the Treasury Board will be unable to pay all his bills, which could lead to a default value of the debt and undermine the global economy."Republican leaders and democratic plan to submit expenditure and debt of the Government proposals later Monday".We believe that a palliative last-minute agreement will be reached, thus avoiding the worst results, "Bank of America, Merrill Lynch, said in a report. "But it will fail to provide a financial solution to credible long-term or raise the rating agency concerns."Bank of America said rating agencies probably will reduce U.S. credit rating to AA from AAA at the end of the year.In the other Nymex trading in September contracts, heating oil fell 2.0 cents to $3.12 per gallon gasoline while slipped 1.5 cents to 3.08 $ per gallon. Future of natural gas for August delivery advanced 1.5 cents to $4.41 per 1,000 cubic feet.