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- Oil dropped
Oil dropped
Oil dropped
from the highest level in four months in
West Texas
Intermediate futures slid as much as 0.5 percent, declining for the first time
in four days. House Republicans will use the planned Jan. 23 vote on a
debt-ceiling increase to try to force Senate Democrats to outline their
spending plans. Finance ministers in
Finance
ministers are debating whether the 500 billion euro ($666 billion) European
Stability Mechanism should take over earlier bank bailouts that were routed
through governments, and what to do with so-called legacy assets. A European
Union aide who briefed reporters defined those as loans already on a bank’s
balance sheet that could later cause difficulties.
WTI crude
for February delivery, which expires tomorrow, fell as much as 51 cents to
$95.05 a barrel in electronic trading on the New York Mercantile Exchange. The
more active March contract was down 46 cents at $95.58. Front-month futures
rose 7 cents on Jan. 18 to the highest close since Sept. 17.
With floor
trading closed today for the Martin Luther King Jr. holiday, the average volume
of all WTI contracts was 80 percent below the 100-day average.
Brent for March settlement on the London-based ICE Futures Europe exchange dropped as much as 48 cents, or 0.4 percent, to $111.41 a barrel.
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