Oil Trades Near One-Month High on Budget, Terror Arrests: report
Brent crude traded near the highest level in one month as U.S. lawmakers prepared to resume budget talks and the United Arab Emirates said it arrested members of a terror cell that was planning attacks on oil-exporting nations, Bloomberg reports.
Bloomberg said futures were little changed in London after rising the most in 5 weeks yesterday. President Barack Obama and legislators returned to Washington for talks aimed at averting more than $600 billion in tax gains and spending cuts that start Jan. 1. The U.A.E. coordinated with Saudi Arabian officials to arrest members of the terror group who had equipment needed for their attacks, according to the official WAM news agency.
Brent for February settlement fell 39 cents to $110.68 a barrel on the London-based ICE Futures Europe exchange at 1:03 p.m. local time. The volume was 46% less than the 100-day average. Prices yesterday gained $2.27, or 2.1%, to settle at $111.07, the highest close since Nov. 30.
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