Oil Futures Pull Back After Recent Gains: Report

By MidnightTrader.com Staff,

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Oil futures fell Tuesday, putting them on track for their first loss in four sessions, with demand concerns festering as wrangling continues in Washington over a deal to avert tax increases and spending cuts, MarketWatch reported.

Oil for January delivery dropped 86 cents to $88.21 a barrel on the New York Mercantile Exchange, and traded as low as $87.57, according to FactSet.

Prices on Tuesday have struggled to maintain the $89 level, "showing how fragile investor confidence is that a substantive resolution [over the so-called fiscal cliff ] can be reached that will allow for demand growth," Michael Fitzpatrick, editor-in-chief at the Kilduff Report, told clients.

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This article appears in: Investing Commodities
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