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Brent Prices Dependent on Fiscal Cliff

Brent crude oil traded at 110.64 on Friday morning as US lawmakers scheduled an emergency meeting to try to resolve its deficit problems. The commodity has shouldered heavy doubts that the world's number one oil consumer, the US, would reach an agreement before the January 1st fiscal cliff deadline.

After weeks of discussion, Democrats and Republicans have failed to reach an agreement about how to avert the near $600 billion bundle of tax increases and spending cuts that make up the fiscal cliff. According to Reuters , President Obama and Vice President Joe Biden are set to meet with congressional leaders from both parties on Friday at 3:00 GMT. The meeting is a last ditch effort to come up with a proposal that will satisfy both sides.

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


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

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