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06 March, 2015 14:01 IST

Source: rss | 06-Mar-15
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Oil prices fell below USD 89 a barrel on Tuesday, logging their first loss in four sessions, with demand concerns festering as wrangling continues in Washington over a deal to avert automatic tax increases and spending cuts next year.

Oil for January delivery fell 59 cents, or 0.7%, to settle at USD 88.50 a barrel on the New York Mercantile Exchange. Later Tuesday, the American Petroleum Institute is slated to release U.S. inventory data.

In Washington, remarks by House Speaker John Boehner and President Barack Obama indicated the Republicans and the White House are not getting closer to reaching a deal to solve the so-called fiscal-cliff situation.

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