U.S. Shutdown Spreads to Oil-Rich Middle East

The International Monetary Fund said the U.S. economy remains at the front and center of the global economic conversation. Now in week two of a partial federal shutdown, the IMF warned, however, that an obstinate political climate was creating uncertainty about the strength of the recovery in the U.S. economy. Oil prices continued to trend lower amid ongoing concerns Washington wouldn’t be able to get its fiscal house order before defaulting on its debt obligations. Apart from the impact of rising U.S. oil production, the IMF warned lower oil prices could leave many oil producers in the Middle East and North Africa in economic trouble.

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