Oil prices fell today to the lowest in a week as the US debt ceiling is stoking recession jitters. Treasury Sec Janet Yellen again urged Congress to raise the 31.4$ Federal Debt limit. A US default would be unprecedented and would wreak havoc on the economy. “Uncertainties regarding the U.S. debt ceiling, recent banking issues that could prompt a credit crunch across much of the oil industry and continued strong possibility of a recession remain … significant obstacles” for oil markets, analysts at energy consulting firm Ritterbusch and Associates said in a note. WTI traded down $1.69 or -2.3% to close at $70.87. Brent traded down $1.43 or -1.9% to close at $74.98.