NEW YORK, July 26 (UPI) -- Crude oil prices fell Tuesday morning after U.S. President Barack Obama warned a budget deadlock in Washington put the nation in risk of default.
The possibility of a tail-spinning economic crisis triggered by the failure of government to raise the debt ceiling to pay its bills has investors seeking safe havens and bracing for a huge jolt.
On the New York Mercantile Exchange, the price of September delivery West Texas Intermediate crude dropped $1 to $98.20 per barrel. Home heating oil lost 2.23 cents to $3.0855 per gallon. Reformulated blendstock gasoline lost 1.93 cents to $3.1071 per gallon.
Henry Hub natural gas prices lost 4.1 cents to $4.345 per million British thermal units.
At the pump, the national average price of unleaded gasoline dropped slightly to $3.693 per gallon from Monday's $3.694, AAA said.
