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U.S. crude hits session low after Senate vote

Published 08/02/2011, 12:59 PM
Updated 08/02/2011, 01:04 PM
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NEW YORK, Aug 2 (Reuters) - U.S. crude oil futures extended losses and fell to a session low on Tuesday after the U.S. Senate approved a bill to cut spending and raise the country's debt ceiling.

The vote follows approval of the same bill by the U.S. House of Representative on Monday and the legislation now goes to President Barack Obama to sign into law.

On the New York Mercantile Exchange, crude for September delivery dropped to a session low of $93.46 a barrel, down $1.43, or 1.5 percent, and just above Monday's low of $93.42. Traders said the bill's approval by the Senate had already been factored into the market. (Reporting by Gene Ramos; Editing by Dale Hudson)

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