Debt Ceiling, Iran Talks Push Oil to 3-Month Low

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Oct. 16 (Bloomberg) -- Bloomberg's Scarlet Fu and Ira Eckstein, president at Areatradingny.com put futures in focus with a look at the impact on oil prices from the debt ceiling and nuclear talks with Iran in "On The Markets." They speak on Bloomberg Television's "In The Loop."

Deal to solve the debt problem and iranian leaders are meeting to discuss their nuclear program.

We welcome ira eckstein from the nymex.

The debt ceiling, if we can cut a deal -- many traders have not participated in the last 8- 10 trading sessions.

We don't know which way it will go.

The volume is down here and we would like to see -- we are in the 11th hour -- we would like to see the president close the door and let's get a deal done.

I don't understand the leadership in this country.

A lot of traders are very frustrated.

I just heard your previous speakers say that if they cut a deal with iran that oil will go down $20. look at saudi arabia, they are pushing 900 million barrels per day -- 9 million barrels for day and they could go to eight.

I don't inc.

-- i don't think that opec will let rises go down by $20, no way.

We don't get weekly inventory data because of the weekly -- because of the government shut down.

We have plenty of oil here and in saudi arabia but what about the rest of the world?

We are the biggest players.

United states protection, we are at a 25 year high here domestically.

Saudi arabia is pushing 3-4 year highs in production and there is plenty of oil here.

Last week, we had 6 million build of crude oil domestically.

Fundamentally, the equation looks great.

If i am iran and crude oil is over $100, what are they waiting for to make a deal?

At $110, i would've struck the deal.

At $100, they are missing out on billions of dollars per day.

If they say they will do a deal, will they come through?

Thank you for joining us.

We are "on the markets." again in 30 minutes.

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This text has been automatically generated. It may not be 100% accurate.

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