FUNDAMENTALS
* Brent September crude LCOc1 slipped 18 cents to $118.10 by 0012 GMT, after settling 34 cents higher at $118.28 a barrel. U.S. crude CLc1 fell 52 cents to $99.07. It had risen 39 cents to settle at $99.59 on Tuesday, trading from $97.76 to $100.62, which marked the highest price since June 10.
* U.S. crude stocks rose as refinery operations fell, weekly data from oil industry group the American Petroleum Institute showed on Tuesday. Crude stocks gained by 4 million barrels, confounding analysts' expectations for a 1.7 million-barrel draw in a Reuters poll.
* A glimmer of hope emerged for a compromise to break the deadlock over the U.S. debt limit as corporate America and the public betrayed growing nervousness over the risks of a credit downgrade and default.
* It is essential that Congress lift the United States's $14.3 trillion debt ceiling to ward off a historic default and preserve financial stability, Treasury Secretary Timothy Geithner said.
* The U.S. House of Representatives approved legislation that would set a firm deadline for the Obama administration to decide the fate of a proposed $7 billion pipeline that would transport Canadian oil sands crude to the U.S. Gulf Coast.
* South Korea's economic growth eased slightly more than expected in the second quarter on weaker gains from foreign trade, with further slowing expected on a weak global economy, complicating policymakers' efforts to tame inflation.
* The Syrian cabinet approved a new election law as part of a package of democratic reforms, the national news agency said, prompted by four months of street protests demanding the toppling of President Bashar al-Assad.
* A U.N. envoy trying to find a way to end the war in Libya said after talks with the prime minister in Tripoli that the government and the rebels remained far apart in the drive for an end to the crisis.
MARKETS NEWS
* The dollar dropped broadly on Tuesday and investors expected it to continue to depreciate as long as U.S. lawmakers fail to reach a compromise on a budget plan to prevent the country from defaulting on its debt.
* The U.s. debt talks stalemate dragged down stocks for a second day on Tuesday, and light volume showed investors remained reluctant to make bets despite another round of healthy earnings.
* The Nikkei stock average is set to erase gains made the previous day as concerns mount about the U.S. debt talks deadlock but chip-related shares may climb after their U.S. peers gained on Broadcom Corp results.
RELATED NEWS
* Commodities rose broadly on Tuesday, with copper and corn outperforming the pack, as fear of a U.S. credit default sank the dollar and investors sought assets that could preserve value.
* The U.S. dollar fell broadly on Tuesday as U.S. lawmakers remained deadlocked over raising the nation's debt ceiling to avoid a devastating default, while U.S. and European shares also declined.
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