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Oil prices fall amid US budget impasse

Published on Dec 17, 2012 9:49 PM

LONDON (AFP) - Oil prices dropped on Monday as investors focused on the budget deadlock in the United States, the world's biggest consumer of crude.

New York's main contract, light sweet crude for delivery in January slipped 27 cents to US$86.58 (S$105.65) a barrel.

Brent North Sea crude for February delivery lost also 27 cents to stand at US$107.91 a barrel in London midday deals.

"There have been two significant developments over the weekend which could impact on oil prices this week," said analyst Tamas Varga at PVM oil brokers.

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