US and UK oil futures prices climbed most sessions in the week to Dec. 21 amid optimism that US lawmakers would soon strike a deal to avoid sharp, automatic tax hikes and spending cuts from Jan. 1, or what is being called the "fiscal cliff." On Friday, however, the progress appeared to be stalled and the optimism crushed after it was known that a proposal by House Speaker John Boehner would not be put to a vote due to a lack of support from his Congressional Republican constituents. Many economists suggest that tumbling over the cliff could result in another economic recession and a drop in oil consumption. Boehner remarked that he intends to continue negotiations with President Barack Obama in hopes that a compromise could still be reached. US crude costs still settled up on the week, but the UK benchmark fell.
展开▼
