Oil Drops First Time in Six Days on Fiscal Concern
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Oil fell for the first time in six days on concern that U.S. lawmakers will fail to avert a fiscal crisis after House Republican leaders canceled a vote on higher taxes for top earners.
Prices dropped the most in more than two weeks after House Speaker John Boehner scrapped a plan yesterday to allow higher tax rates on annual income above $1 million, yielding to anti-tax resistance within his own party. Spending cuts and tax increases totaling more than $600 billion a year are set to start in the U.S. in January unless an agreement is reached.