Brent Crude Drops As Fiscal Cliffhanger Pushes Caution

Brent crude prices dropped on Thursday as concerns that the United States will not institute a deal to avoid mandated 2013 tax increases and spending cuts, risking a recession, countered support from data showing U.S. jobless claims fell last week.

As quoted in market news:

The U.S. data took our minds off the fiscal cliff for a few moments, but the possibility that going over the cliff might cause a recession continues to limit crude prices along with high inventories and relatively warm temperatures in the U.S.

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