Oil Drops From Four-Month High Before U.S. Debt Ceiling Talks

21/01/2013 07:32 AST

Oil dropped from the highest price in four months in New York before U.S. lawmakers vote on budget measures and European finance ministers meet to discuss the debt crisis that threatens the region’s economy.

West Texas Intermediate futures slipped as much as 0.4 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 adopt a budget to spell out their spending plan. Finance ministers in Brussels will assess Spain, Greece and Cyprus and debate how to enact policies they promised to subdue the region’s crisis.

“Given we don’t have a lot of data, the focus will look toward how the U.S. is going to solve their debt ceiling,” said Jonathan Barratt, the chief executive officer of Barratt’s Bulletin, a commodity newsletter in Sydney. “We’re not getting much of a lead out of Europe.”

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