Crude prices fell from a 2-year high Tuesday on stronger U.S. dollar.
U.S. President Barack Obama announced a tentative deal with Congressional Republicans on Monday to extend the income tax cut at all income level for two years. Investors believed that the tax cut, first passed under former President George W. Bush's administration, could boost the economy as people may increase spending.
This gave a lift to dollar, making it rise against most major currencies. And oil, pricing in dollar, fell.
Light, sweet crude for January delivery was down 69 cents to 88. 69 U.S. dollars a barrel on the New York Mercantile Exchange.
U.S. President Barack Obama announced a tentative deal with Congressional Republicans on Monday to extend the income tax cut at all income level for two years. Investors believed that the tax cut, first passed under former President George W. Bush's administration, could boost the economy as people may increase spending.
This gave a lift to dollar, making it rise against most major currencies. And oil, pricing in dollar, fell.
Light, sweet crude for January delivery was down 69 cents to 88. 69 U.S. dollars a barrel on the New York Mercantile Exchange.
