Oil slips from a one week high on fiscal cliff concern

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Source: Bloomberg
© Scanpix/Reuters
Crude oil futures for January settlement were 39 cents lower to $86.68 a barrel on the New York Mercantile Exchange during Singapore trading session on Thursday. Oil slipped from a one-week high, as U.S. lawmakers are unable to find an agreement on the next year budget, what increases concerns that the U.S. will experience spending cuts and tax increases, also known as the fiscal cliff. This situation threatens to curb current economic growth and demand for oil.
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