Brent crude oil slipped a bit on Thursday morning after U.S. fiscal cliff talks soured on Wednesday. The commodity traded at $109.99 after President Obama threatened to veto Republican Speaker of the House John Boehner's latest budget proposal.
U.S. lawmakers were making progress at compromising on a budget plan to avert the looming fiscal cliff deadline of January 1. Negotiations between Democrats and Republicans were progressing with both sides making concessions and working together to create an acceptable budget for 2013, however it seems things took a turn on Wednesday after John Boehner presented his latest proposal, "Plan B".
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