Oil prices were lower in quiet Christmas eve trade Monday with traders discouraged by a political stalemate in the US over a deal to avert the fiscal cliff, analysts said. New York’s main contract, light sweet crude for delivery in February shed 16 cents to $88.50 and Brent North Sea crude for February delivery fell eight cents to $108.89. Political bickering over a deal to avert the fiscal cliff weighed on markets in a “relatively quiet session” before the Christmas holiday, said Jason Hughes, head of premium client management for IG Markets Singapore. “We’ve still got concerns over where we stand in the fiscal cliff that remains a concern that keeps traders cautious,” he said.
