Oil fluctuated amid concern that Congress will fail to raise the
U.S. debt ceiling, hurting economic confidence, and on speculation
that supplies in the world's biggest crude-consuming country will
rebound, Bloomberg reported.
Futures traded in a 93-cents-a-barrel range as Republicans vowed
to require spending cuts in exchange for increasing the U.S.
borrowing limit. Lawmakers struck a compromise last week that
averted a package of spending cuts and tax gains known as the
fiscal cliff. Crude supplies in the week ended Dec. 28 were up 9.2%
from a year earlier, Energy Department data show.
Crude oil for February delivery rose 4 cents to $93.13 a barrel
on the New York Mercantile Exchange. Prices are down 8.3% from this
point last year.
Brent oil for February settlement slipped 12 cents to $111.19 a
barrel on the London-based ICE Futures Europe exchange.
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