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Oil down slightly on worry about US fiscal cliff

Price of oil slightly lower on uncertainty about whether US leaders can avoid fiscal cliff

Associated Press

The price of oil is down slightly in Veterans Day trading as amid uncertainty over a looming package of tax hikes and spending cuts that could hurt U.S. economic growth.

Benchmark oil fell 16 cents Monday to $85.91 per barrel in New York.

The combination of tax increases and cuts in government spending will take effect Jan. 1 unless President Barack Obama and Congress can reach a compromise to avert it.

Meanwhile, China's export growth accelerated in October, which is another sign of improvement in the world's second-largest economy. That could help support demand for oil and other commodities.

At the pump, the national average price for gasoline fell less than a penny overnight to $3.437 per gallon. That's nearly 37 cents less than a month ago.

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