Shutdown affects oil
The price of oil fell below $103 a barrel Monday as a partial U.S. government shutdown entered a second week and crude production in the Gulf of Mexico got back on track after a storm system passed through.
By early afternoon in Europe, benchmark crude for November delivery was down $1.03 to $102.81 a barrel in electronic trading on the New York Mercantile Exchange. The contact rose 53 cents to close at $103.84 on the Nymex on Friday.
The U.S. was forced to curtail government operations last week after a politically divided Congress failed to approve a short-term funding measure to allow the nation to pay its bills past the end of September. 800,000 federal workers were furloughed and nonessential services were halted. Prices were under pressure since less energy would be needed.