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Market Chatter: Oil Falls 1.5% After Debt Limit Vote, Seaway News
By: MT Newswires
"Oil futures fell Wednesday, with losses intensifying after the U.S. House approved a short-term debt-limit extension and on reports that oil deliveries to the Jones Creek terminal in Texas through the Seaway pipeline had been cut," MarketWatch reported.
It said: "March crude fell $1.45, or 1.5%, to settle at $95.23 a barrel. Limiting some capacity in the Seaway pipeline means that the supply glut of oil at Cushing, Okla. might not get emptied as fast as some had hoped, said Phil Flynn, an analyst at Price Futures Group. "That caused a knee-jerk selloff" after the market was already weakening following the debt-ceiling vote, he said."