Recent optimism regarding the fiscal cliff talks in Washington, D.C., has started to wear down somewhat, as the recent gains to oil prices faltered on Friday afternoon.
Bloomberg reported on Friday morning that the energy commodity was set to see its largest one-week gain in roughly four months, as negotiations between U.S. President Barack Obama and Speaker of the House John Boehner picked back up before the new year.
But by Friday afternoon, the U.S. Energy Information Administration had released new data showing stockpiles of crude oil dropped less than expected, while refined product inventories surged. Combined with uncertainty about the status of fiscal cliff talks, the surprising report served to pull back earlier gains.
At 3:08 p.m. New York time, WTI crude oil was up 0.8 percent, a 7 cent gain to $90.94 per barrel, while Brent crude oil was down 0.11 percent, falling 12 cents to $110.68 per barrel.
Despite concerns, however, a survey by Bloomberg suggests that oil futures could rise next week on renewed demand, as U.S. economic data continues to look strong.
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