Oil down as credit-rating upgrades US government debt

Oil prices fell midday Tuesday following a credit-rating upgrade of U.S. government debt this week. Benchmark oil for July delivery fell 42 cents to $95.35 per barrel on the New York Mercantile Exchange. Oil fell 26 cents on Monday. Standard & Poor’s Ratings Services upgraded its outlook Monday for the U.S. government’s long-term debt to “Stable” from “Negative,” which means it is less likely to downgrade U.S. debt in the near future. The U.S. Energy Department will release its monthly report later in the day. The Department also comes out with its weekly report on oil and fuel supplies. As of midday, Brent crude fell 58 cents to $103.37 a barrel on the ICE Future exchange in London.