Oil prices fell in Asia due to lingering concerns over the long-term health of the US economy, despite Congress's agreeing to a deal to raise the nation's debt ceiling.
US crude eased 41 cents to $93.38 a barrel, while Brent crude sank 33 cents to $116.13.
The emergency austerity bill signed on Tuesday by President Barack Obama averted a debt default that would have had wide repercussions for the global economy. But analysts said broader concerns were still an issue.
Compounding these worries was new government data showing that US consumer spending declined in June, the first drop in nearly two years, indicating the economy could be stalling.
