On Thursday, crude oil erased all Wednesday’s gains and dropped to a new monthly low of $100.03. Additionally, it is light crude’s lowest level in more than three months. The price was under pressure after data from the American Petroleum Institute showed crude inventories at the Cushing, Oklahoma, hub rose last week, while overall U.S. crude stockpiles also gained.

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On Wednesday, crude oil gained 1.35% and climbed to almost $103 per barrel after the U.S. Senate reached an agreement to increase the country's borrowing limit, easing concerns that a debt crisis would weigh on crude demand. Uncertainty about the government shutdown's effect on the broader economy, and more importantly, the potential for the U.S. government to miss debt payments sent crude oil to a narrow range in recent weeks.

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Yesterday, the price of crude oil fell throughout the session as hopes for a deal to end the U.S. debt crisis steadily diminished. Additionally, light crude extended losses late on Tuesday after credit rating agency Fitch warned that it could cut the sovereign credit rating of the United States from AAA. In this way, crude oil lost over 1% and dropped to $100.87 (an intraday low). It’s worth noting that this is its lowest close since the beginning of July.

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On Monday, crude oil gained 0.39% and climbed to $102.62 (an intraday high) as traders expressed some optimism that lawmakers will reach an agreement to avert a default on the country's debt. The price of light crude rose after a report that President Barack Obama planned to meet with Congressional leaders from both parties at the White House later in the afternoon. The meeting, though, was later postponed to allow the Senate to make progress toward a deal to raise the U.S. debt ceiling and re-open the government.

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On Friday, crude oil lost over 1% and dropped to its new monthly low of $100.60. It is light crude’s lowest level since July 3. The price of crude declined after the IEA warned that the U.S. fiscal crisis could harm demand and said that supplies were rising faster than previously thought.

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