Oil prices slip on concerns over US debt ceiling

LONDON - Global oil prices fell on Tuesday after Obama warned Republicans over the debt ceiling, with traders bracing for more US partisan bickering in the coming weeks. In London deals, Brent North Sea crude for delivery in Feb declined 9 cents to $111.79. New York's main contract, light sweet crude for Feb or WTI, reversed 16 cents to $93.98l. "Oil prices have been in a consolidation mode on Tuesday morning, as the lack of the agreement over the US debt ceiling and further build in the US oil crude stocks weighed further on market sentiment," said Sucden analyst Myrto Sokou.

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