Oil prices drop amid "fiscal cliff" talks - 13 WTHR Indianapolis

Oil prices drop amid "fiscal cliff" talks

Posted: Updated:
BANGKOK -

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.

(Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.)

Powered by WorldNow