Oil Slips to Settle at $90.87 in Choppy Trade: Report

By Midnight Trader,  December 27, 2012, 03:05:58 PM EDT

Crude oil futures slipped Thursday, with prospects becoming dimmer that U.S. lawmakers will find a way to reach a budget agreement before the end of the year, MarketWatch reported.

Crude for February delivery shed 11 cents to settle at $90.87 a barrel. The market saw "very choppy trade," during the session, said Tariq Zahir, managing member of Tyche Capital Advisors. "Everything is going to be focused on the fiscal cliff," he said. "We're kind of in a holding pattern [and] we'll continue to see that as we go through the end of the year or until some kind of fiscal deal is announced."

Late Thursday, the American Petroleum Institute will release data on U.S. petroleum supplies covering the week ended Dec. 21, and more closely watched data from the Energy Information Administration are due Friday morning.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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