Oil Steady on Debt Ceiling Concern, Supply Expectations: Report

By MidnightTrader.com Staff,

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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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This article appears in: Investing Commodities
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