The price of oil fell today as economic factors other than the "fiscal cliff" moved to the forefront as the end of the year approached. Benchmark crude for January delivery fell 8 cents to $87.85 a barrel in electronic trading on the New York Mercantile Exchange. Prices rose yesterday on a growing belief that political leaders in the US could soon reach a budget compromise to avert the series of spending cuts and tax increases that take effect on January 1. Some traders are now taking it for granted that a deal will be reached. Brent crude, which is used to price international varieties of oil, rose 11 cents to $108.95 a barrel on the ICE Futures Exchange in London. Analysts said that oil prices were ending 2012 on a "lower note, partly due to fears over the '`fiscal cliff.'' Other factors that pointed to lower oil prices in 2013 are steady but not spectacular US economic growth, and sluggish growth in Japan and Europe - which together use roughly the same amount of oil as the US.

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