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Breaking News | Oil drifts as fiscal cliff looms over US economy
« on: November 12, 2012, 02:00:41 PM »
Oil drifts as fiscal cliff looms over US economy

BANGKOK ? 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 unchanged at $86.07 per barrel at midday 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 ? kno...Keep on reading: Oil drifts as fiscal cliff looms over US economy

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