Oil trades near one-week low
Oil traded near the lowest price in a week in New York amid signs of rising supplies in the U.S. and concern that lawmakers are struggling to reach agreement on how to address the nation's deficit.
West Texas Intermediate futures were little changed after slipping 0.6 percent yesterday. An Energy Department report today may show crude supplies increased by 350,000 barrels to 374.8 million, according to a Bloomberg News survey. U.S. Senate Majority Leader Harry Reid said he was disappointed with progress made in congressional budget talks over $607 billion in tax increases and spending cuts set to begin in January. "The market has been kept well-supplied," said Guy Wolf, a strategist at Londonbased commodities broker Marex Spectron Group Ltd., who predicts Brent crude will recover to $125 a barrel early next year.