Oil prices fall to near $92 a barrel [View all]
Source: AP-Excite
By PAMELA SAMPSON
BANGKOK (AP) - Oil prices fell Friday as euphoria faded over a budget deal reached earlier this week by U.S. lawmakers and traders focused on signs of lackluster demand.
Benchmark crude for February delivery fell 74 cents at midday Bangkok time to $92.18 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 20 cents to $92.92 per barrel on the Nymex on Thursday.
The deal reached Tuesday in Washington prevents the "fiscal cliff" crisis of steep, automatic tax and spending increases from hammering the U.S. economy. But it puts off for two months some hard decisions about spending cuts that are needed to get the country's mammoth deficit under control.
The package passed Tuesday by the Senate and House extends most of the tax cuts first enacted under President George W. Bush for individuals making less than $400,000 and married couples making less than $450,000.
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