Crude continues its weak trade, as US lawmakers continue to wrangle on debt issue

Crude oil futures continue to trade lower for the second straight day on Monday in early Asian deals, as US lawmakers were yet to negotiate an accord to raise the government’s debt limit amid concerns of a potential default. Traders have ignored the report that China imported a record 25.61 million metric tons of crude last month, equivalent to an average 6.26 million barrels a day, 25 percent more than in August.

Benchmark crude oil futures for November delivery was down by 81 cents to $101.21 a barrel in electronic trading on the New York Mercantile Exchange. In London, Brent for November settlement fell 52 cents or 0.5 percent to $110.76 a barrel on the ICE.