NEW YORK: Oil prices eased in choppy trading yesterday as unresolved US budget talks left open the possibility that looming mandated tax hikes and spending cuts could push the economy of the No. 1 oil consuming nation into recession.
Brent February fell 67 cents to $110.40 a barrel by 11:16am EST (1616 GMT), after reaching $111.33. US February crude was down 23 cents at $90.75 a barrel, after reaching $91.44 during the session, highest since October 19. Brokers said few investors wished to make large bets on the direction of oil prices until the US budget talks were resolved or during the holiday period characterised by low trading volumes.Reuters
