Oil prices dip in Asia over US budget deadlock

Oil prices dipped lower in Asia on Monday on demand outlook concerns as the US budget impasse over increasing the sovereign debt in the United States loomed. New York’s main contract, West Texas Intermediate for delivery in November was down 29 cents at $101.73 in afternoon trade, while Brent North Sea crude for November eased 17 cents to $111.11. Investors are watching moves in Washington as lawmakers discuss plans to increase the country's borrowing threshold ahead of the October 17 deadline. If the talks fail to increase US borrowing limit then the default would push the global economy back into a slowdown, according to market analysts.