WTI Fluctuates Near Three-Month Low on U.S. Debt, Iran

West Texas Intermediate swung between gains and losses near a three-month low before tomorrow’s deadline for U.S. lawmakers to reach a deal on raising the debt limit and avoid a default.

Futures fluctuated in New York after losing 1.2 percent yesterday, the most in almost a week. U.S. Senate leaders will resume talks today after the House of Representatives scrapped a vote on its plan to suspend the debt limit until February. Western diplomats are meeting for a second day in Geneva with Iranian counterparts for talks on the country’s nuclear program. A strike at a refinery in Scotland, which could have led to 45 percent of U.K. crude output being halted, was canceled.