Brent crude futures will have an uncertain week’s trading as debt concerns in the US spook markets after US lawmakers failed to break a debt impasse that threatens to trigger a default and up end global financial markets. Latest Brent Oil Price In London, Brent crude oil futures for September 2011 delivery was trading at $117.78 a barrel, 08.30 GMT this morning on the iCE Futures Exchange. A senior Indian government official said the Obama administration and lawmakers must be well aware of the consequences for global markets of failing to reach a deal. “If you look at the world markets, they are jittery though they have not nose dived, perhaps reflecting hope of a solution.” the official said. Both Brent and US WTI oil prices will have a hard time keeping in this price range if a default in the US becomes reality as oil demand is also an important factor for oil futures, which could fall off a cliff if the US debt talks fail.

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