MTECHTIPS:Oil down in Asia, hampered by lack of cliff progress

Oil futures traded fractionally lower in the early part of Monday’s Asian session after a Sunday session for Congress produced no tangible results regarding a fiscal cliff resolution. Oil prices turned lower after the U.S. Energy Information Administration said that U.S. crude oil inventories fell by 0.6 million barrels last week, compared to expectations for a decline of 1.85 million barrels.



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