Uncertainty in Washington Pushes Oil Lower

New York, NY, July 29, 2011 -- Oil prices dipped below $97 a barrel Friday over uncertainty about the outcome of debt ceiling negotiations in Washington.

Benchmark oil for September delivery was down 62 cents to $96.82 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude rose 4 cents to settle at $97.44 on Thursday.

Crude has traded near $97 for the last few days as investors wait for an outcome of the debt limit talks.