Oil prices fell today as the Republicans and the White House paused talks on raising the debt ceiling. Both contracts still managed to notch their first weekly gain in a month, rising about 2% week over week. Markets were also spooked by Federal Reserve Chair Jerome Powell’s comments that inflation was “far above” the Fed’s objective, adding no decisions had been made yet on the next interest rate action. “It doesn’t look they are going to get the debt deal done today… the chance of a 25 basis point (rate) increase in the June meeting is rising by the day… There’s not a lot for the bulls to hang their hats on,” said Mizuho analyst Robert Yawger. WTI traded down $.25 or .3% to close at $71.69. Brent traded down $.28 or -.8% to close at $75.58.