Brent crude oil fell below $112 on Friday morning. The commodity traded at $111.42 on Friday, which reflected the uncertainty in the market as investors geared up for another battle in Washington over the U.S. budget.
After a boost when the fiscal cliff was averted in the U.S., Brent prices have leveled off. Now, the commodity is being tugged by speculation that the U.S. debt ceiling debates will be long and drawn out. Republican lawmakers, angered by the fiscal cliff deal's lack of focus on the budget, are expected to fight hard for steep spending cuts in order to tackle the country's deficit.
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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.