Oil prices fall while situation with US national debt remains tense

World oil prices showed a decline on Monday morning amid uncertainty with the US public debt, Report informs.

The price of July futures for Brent crude fell by 0.77% to $75 per barrel, and July futures for WTI dropped by 0.78% to $71.13.

The White House and Republicans, who control the House of Representatives in Congress, continue negotiations to raise the ceiling on the size of the US public debt. Speaker of the US House of Representatives Kevin McCarthy said he would meet with President Joe Biden later on Monday for talks on the issue.

The ongoing uncertainty around the prospects for public debt makes oil traders more risk-averse, which leads to a decrease in oil prices.