Nymex August crude has pushed up just over 2 bucks from early lows of $95.20 on fears Congress may fail to agree a deal on the US debt ceiling, which may lead to a downgrading.

Tensions have built throughout the day since S&P ‘s announcement last night that the US was placed on a negative credit watch.

WTI is now heading towards resistance at $97.65, which if broken opens a move up towards $99.60 and $100