Monday, January 7, 2013

Crude oil futures drop as focus remains on U.S. fiscal concerns - Crude oil futures were lower during U.S. morning trade on Monday, as focus remained squarely on the U.S. economic outlook and how U.S. lawmakers will deal with the upcoming debt ceiling debate.

Some profit taking also contributed to losses, after New York-traded oil prices rallied to the highest level since mid-September last week. 

On the New York Mercantile Exchange, light sweet crude futures for delivery in February traded at USD92.75 a barrel during U.S. morning trade, down 0.35% on the day. 

New York-traded oil prices fell by as much as 0.7% earlier in the session to trade at a daily low of USD92.45 a barrel. Oil futures rose to USD93.82 a barrel on January 2, the strongest level since September 19.

New York-traded oil futures climbed 2.5% last week, the fourth consecutive weekly gain and the biggest advance in nearly three months.

Oil futures rallied last week after U.S. lawmakers passed a last-minute bill to avoid the fiscal cliff, a series of looming tax increases and spending cuts that could have pushed the U.S. economy back into a recession.

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