RTE:Oil prices fall, trading muted on US public holiday
Crude prices fell as energy investors stood on the sidelines today ahead of a public holiday in the US.
Benchmark oil for February delivery was down 27 cents to $95.22 a barrel in electronic trading on the New York Mercantile Exchange.
The contract had gained seven cents to finish at $95.56 per barrel on the Nymex on Friday.
Brent crude, used to price international varieties of oil, fell 35 cents to $111.58 a barrel on the ICE Futures exchange in London.
Analysts said trading was muted ahead of the US holiday and in the absence of major news that might have the potential to move markets.
Lingering concerns about the US economy also weighed on crude prices, with lawmakers wrangling over spending cuts and the nation's debt ceiling, which limits the amount of debt that US government can take on.
Even if Congress raises the debt ceiling, Republican lawmakers will likely demand deep spending cuts, which in the short term could slow the global economy.
