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Oil Prices Drop After House Republicans Cancel Vote - report

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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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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