Oil futures dropped on Friday as concerns over the U.S. budget situation escalated after House Republicans abruptly canceled a vote on a tax bill, according to MarketWatch.
Crude oil for February delivery fell US$1.10, or 1.2%, to $89.03 a barrel in electronic trading. The contract had settled 15 cents higher Thursday.
But futures dropped sharply after House Republicans canceled a planned vote on a bill linked to the fiscal-cliff talks, saying there wasn't sufficient support for the measure.
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