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Economy
Oil Drifts as Fiscal Cliff Looms over U.S. Economy
2012-11-13
[An Nahar] Oil prices drifted Monday as traders worried about the threat to the U.S. Economy if lawmakers and President Barack Obama don't reach an agreement to avoid automatic tax hikes and spending cuts.

Benchmark crude for December delivery was down 23 cents to $85.84 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 98 cents to finish at $86.07 per barrel on the Nymex on Friday.

Obama and congressional leaders face a Jan. 2 deadline to reach an agreement or at least come up with a framework to deal with expiring Bush-era tax cuts and automatic spending cuts to defense and domestic programs -- known as the "fiscal cliff."
Posted by:Fred

00:01