Oil Holds Steady in New York on U.S. Budget Deadlock
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Oil was little changed in New York amid concern that U.S. lawmakers will miss a year-end budget deadline, threatening to weaken the American economy.
Futures traded in a 66-cent-a-barrel range as Democrats and Republicans discussed how to avoid more than $600 billion in tax gains and spending cuts, known as the fiscal cliff, which are scheduled to take effect Jan. 1. Failure to reach agreement would push the U.S. into recession for the first half of 2013, the nonpartisan Congressional Budget Office said.