Breaking News Bar
updated: 12/20/2012 7:20 AM

Oil prices drop as US 'fiscal cliff' talks stall

Success - Article sent! close
  • Customer Bob Dalziel removes a gas pump from his truck after filling up at a gas station in Princeton, Illinois.

      Customer Bob Dalziel removes a gas pump from his truck after filling up at a gas station in Princeton, Illinois.
    Associated Press

Associated Press

By midday in Europe, benchmark crude for February delivery was down 10 cents to $89.88 per barrel in electronic trading on the New York Mercantile Exchange. The contract jumped $1.58 on Wednesday, the biggest one-day price rise in a month.

Negotiations between President Barack Obama and Republican House Speaker John Boehner have dictated market sentiment in recent weeks. On Wednesday, it appeared that a deal to avoid the so-called "fiscal cliff" of automatic spending cuts and tax hikes due at the start of next year is still out of reach. The White House threatened to veto an alternative plan that Boehner proposed.

Order Reprint Print Article
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

Without a deal, the hundreds of billions of dollars in spending cuts and tax hikes that will take effect could throw the U.S. economy back into recession, analysts have said. Such a prospect would likely mean decreasing energy demand.

In other energy futures trading, Brent crude, used to price international varieties of oil, fell 19 cents to $110.17 per barrel in London.

On the New York Mercantile Exchange:

-- Heating oil was unchanged at $3.04 a gallon.

-- Natural gas rose 5 cents to $3.37 per 1,000 cubic feet.

-- Wholesale gasoline fell 1 cents to $2.73 a gallon.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.