NEW YORK (MarketWatch) -- Oil rose and gold fell Monday, after President Barack Obama Sunday night said the leaders of both parties in both chambers backed a deal to cut spending and raise the U.S. debt ceiling. Crude-oil futures for September delivery CL1U +1.09% gained 1.17%, or $1.10, to $96.80 a barrel, and "find temporary relief in the agreement to raise the U.S. debt ceiling, although we suspect that this may prove temporary," said analysts at Barclays Capital Commodity Research in a note. Gold futures for December delivery GC1Z -0.66% shed 0.7%, or $10.60, to $1620.70 an ounce. "Despite the pullback in gold this morning there still remains some pessimism that the deal could fall at the last hurdle, but given the scale of gains posted in recent weeks the yellow metal is vulnerable to a deeper correction should the deal be given full approval," said James Moore, analyst at TheBullionDesk.com, in a note.
