Oil dropped below $97 overnight as investors watched negotiations among U.S. lawmakers ahead of Aug. 2, when the government will run out of money to pay its obligations unless its $14.3 trillion debt limit is raised.
It dropped sharply when the GDP report showed that the combined growth for the first six months of the year was the weakest since the recession ended.
In New York, benchmark oil for September delivery was down $2.16, or 2.2 percent, to $95.29 a barrel on the New York Mercantile Exchange.
In London, Brent crude fell $1.36 to $116 per barrel on the ICE Futures exchange
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