Oil prices drop amid "fiscal cliff" talks
The price of oil fell Thursday as fears rose that the U.S. could head over the "fiscal cliff" if political leaders there fail to reach a budget deal to cut the government deficit before the end of the year.
Benchmark crude for February delivery lost 45 cents at midday Bangkok time to $89.53 per barrel in electronic trading on the New York Mercantile Exchange. The contract jumped $1.58, or about 1.8 percent, to finish at $89.51 per barrel in New York on Wednesday. That was the biggest one-day price rise in a month.
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